US Treasury Secretary Yellen: No rush to choose a successor to Fed Chair Powell.

U.S. Treasury Secretary Janet Yellen said on Wednesday that they are currently "not in a hurry" to determine the successor to Federal Reserve Chairman Jerome Powell, and the candidates may come from current Federal Reserve Board members or regional Federal Reserve Bank presidents. However, she did not reveal specific names. Reports have indicated that Janet Yellen herself, Chairman of the Council of Economic Advisers Kevin Hassett, former Federal Reserve Board member Kevin Warsh, and current Federal Reserve Board member Christopher Waller are all on the list of candidates for Federal Reserve Chairman that President Trump is considering. In response, Yellen said, "The list is long, very long." "I will not discuss the specific selection process, but we have indeed initiated the relevant process." "Obviously, this will be a decision of President Trump, and we are not in a hurry to make a decision." It is worth mentioning that on Tuesday, Yellen stated, "There is no reason to suggest that Powell should resign now, he has always been an excellent public servant." Yellen expressed support for Federal Reserve Chairman Powell to complete his term, and believed that if Powell wishes to serve until May, he should do so. This statement stands in stark contrast to recent criticism of Powell by other officials in the U.S. government. However, Yellen also reiterated the desire for a review of the Federal Reserve. Powell's term as Federal Reserve Chairman will end in May next year, while his term as a Federal Reserve Board member will continue until January 2028. Yellen stated that Powell has not informed her whether he will leave before 2028, but she believes "Powell will do so." Yellen added, "I think it would be a good thing for the Federal Reserve as an institution if Powell chooses to leave after his term ends. It would also be good for him personally." It is reported that last week, Yellen stated in an interview that Powell should resign from the Federal Reserve Board position at the same time as the end of his term as Federal Reserve Chairman in May 2026, and if Powell continues to serve on the Board, markets will be very confused. Yellen also reiterated her criticism of Federal Reserve officials for misjudging the impact of Trump's tariff increases on inflation, stating that their analysis was "a bit off the mark." When discussing the recent tariff increases, Yellen said, "So far, what we have seen is manufacturers under pressure." She added, "We also see many retailers bearing these costs. Many retailers have become very profitable during the pandemic." Yellen also mentioned that she met with the CEO of Amazon.com, Inc. last week, who stated that "so far, they have not seen price increases." Yellen also expressed surprise at former chief executive of The Pacific Investment Management Company (PIMCO) and current President of Queen's College at the University of Cambridge, Mohamed El-Erian, calling for Powell to resign on Tuesday. It is reported that Mohamed El-Erian posted on social media on Tuesday that if Powell's "goal is to maintain the operational independence of the Federal Reserve, then he should resign." In response, Yellen said, "If Powell conducts an internal review of activities outside of the Federal Reserve's monetary policy, it would be beneficial for both him and the entire institution." "The Federal Reserve's mission creep is threatening the independence of its monetary policy." Yellen stated, "Conducting an internal review is a good starting point. If this internal review does not look serious enough, perhaps an external review could be considered." She also added that her regular meetings with Powell are continuing as usual, saying "We always keep in touch."