Washington DC [US], September 7 (ANI): US President Donald Trump has confirmed his leading choices to replace the current US Federal Reserve Chair Jerome Powell, naming three of his close aides as top picks for the position, The Hill reported.

According to The Hill, Trump on Friday (local time) has confirmed the names of Kevin Hassett, Kevin Warsh, and Christopher Waller as his leading choices to replace Jerome Powell, whose term is set to end in May 2026.

When Trump was asked if Hassett, who leads the White House National Economic Council; Warsh, a former Fed governor; and Waller, an economist and current Fed board member, are his top choices for the role, he replied, 'Yeah, I would say you could say those are the top three. Good job,' as quoted by The Hill.

Trump has signalled for months that he plans to replace Powell, whose term as the chair of the US Federal Reserve ends next May; however, his term as part of the Federal Board will end in January 2028.

The US President has consistently criticised Powell for not cutting interest rates and has allies preparing for the possibility of removing him, The Hill reported.

In addition, Trump has made moves to dismiss Fed board member Lisa Cook, which would allow him to nominate another loyalist. Cook has resisted these efforts.

Trump also said Treasury Secretary Scott Bessent is no longer being considered for the Fed chair position, as Bessent is content with his current role, as reported by The Hill.

Earlier, Powell stated that US job market is on such shaky ground that the Federal Reserve may soon need to cut interest rates to support the economy, CNN reported.

In one of his most consequential speeches, Powell suggested the labor market could benefit from lower rates, which the Federal reserve has kept unchanged for eight straight months.

Trump's call for these three names for the Chair of the Federal Reserve has raised quite some eyebrows, as the Federal Reserve is known for keeping itself independent from any political influence. (ANI)