Bernard criticized the Federal Reserve for being conservative, and will determine the new chairman before Christmas to promote reforms.

US Treasury Secretary Benson expressed approval of the Federal Reserve's decision to cut interest rates by 25 basis points on Thursday. However, he also pointed out that the Fed's skepticism about further rate cuts this year exposes the urgent need for comprehensive reform. In the interview, Benson revealed that he will begin the second round of interviews in early December to select a replacement for current Fed Chairman Powell, so that Trump can confirm the new chairman before Christmas. He stated that this selection is aimed at finding a new leader who can thoroughly reform the Fed's institutional mechanisms. "The Fed's decision to cut interest rates by 25 basis points yesterday is commendable, but the wording of the decision statement reveals its stubborn and closed-minded thinking. Throughout this year, the institution has consistently missed its inflation forecasts, and its analytical models have become a sham," Benson said. Benson said he cannot understand why the Fed is signaling that there may be no further rate cuts in December, and he criticized the Fed's erroneous forecasts of GDP and inflation. He emphasized, "The leader we are looking for must be able to thoroughly reform the entire institution from a procedural and internal operational standpoint." Powell stated on Wednesday that due to policy disagreements within the Federal Reserve and a lack of government data, the possibility of another rate cut this year is low. The decision to cut rates by 25 basis points, as expected by the market, was intended to prevent further weakening of the job market, but the new policy statement repeatedly mentioned the challenge of missing official data due to the government shutdown. Powell said that if the Fed continues to be unable to obtain employment and inflation reports, policymakers may take a more cautious stance. Since before Trump began his second term, he has been critical of Powell's performance at the Federal Reserve. On Tuesday, Trump directly criticized Powell as "incompetent" during a meeting with business leaders in Tokyo. Benson previously revealed on Monday that Powell's term as chairman will end in May next year, and there are currently five potential successors on the final list: White House economic adviser Kevin Hassett, former Fed board member Kevin Warsh, current Fed board member Christopher Waller, Fed Vice Chairman Michelle Bowman, and BlackRock executive Rick Rieder.