Story perspectives

Trump Nominates Warsh as Powell Departs, Calls Him ‘Moron’

5/1/2026

Summary

Story summary

Fed Chair Jerome Powell will leave on May 15, with President Donald Trump nominating Kevin Warsh as his successor.
At an April 30, 2026 press conference, Powell said central-bank independence shields the public from politics.
Trump called Powell a “numbskull” and “moron,” demanded faster rate cuts, and disputed costs, citing $3.1 billion versus $2.7 billion.
After the Justice Department dropped a probe into Powell’s Senate testimony before April 30, Senator Thom Tillis pledged support for Warsh’s confirmation.

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Story summary

Fed Chair Jerome Powell will leave on May 15, with President Donald Trump nominating Kevin Warsh as his successor.
At an April 30, 2026 press conference, Powell said central-bank independence shields the public from politics.
Trump called Powell a “numbskull” and “moron,” demanded faster rate cuts, and disputed costs, citing $3.1 billion versus $2.7 billion.
After the Justice Department dropped a probe into Powell’s Senate testimony before April 30, Senator Thom Tillis pledged support for Warsh’s confirmation.