Director of the White House National Economic Council: Selection of the Federal Reserve Chairman will take several more months.

Kevin Hassett, Director of the National Economic Council at the White House, stated that it will take several months for President Trump to decide on the successor to Federal Reserve Chairman Powell. Powell's term as chairman will end in May next year. Hassett said in an interview with CNBC on Monday: "I expect the President will need several months to make a decision. Treasury Secretary Mnuchin is running a comprehensive selection process, and he and the President are interviewing several outstanding candidates." Hassett also praised Powell, saying, "Powell's statements at Jackson Hole are reliable." Powell said last Friday, "Changes in the baseline outlook and risk profile may require us to adjust our policy stance." Hassett said, "I think the Fed's actions are slightly lagging." He pointed out that the annualized inflation rate over the past six months has been 1.9%, "indicating that inflation has significantly decreased."