U.S. Treasury Secretary: Will begin the selection process for the new Federal Reserve chairman in the fall.

US Treasury Secretary Janet Yellen said on July 3 local time that there are many excellent candidates for the position of Federal Reserve Chair, and she will start working on this task in the fall. Earlier, according to the Wall Street Journal reported on June 25, US President Trump is considering nominating the next Federal Reserve Chair early to weaken the influence of current Chair Powell, who still has 11 months left in his term. Sources revealed that Trump is considering selecting and announcing Powell's successor before September or October, "and Trump's anger towards Powell may lead him to announce the successor earlier in the summer of this year." Trump is considering former Fed Governor Kevin Warsh and White House National Economic Council Director Kevin Hassett for the position. In addition, sources revealed that Treasury Secretary Yellen has been recommended as a potential candidate; other competitors include former World Bank President Malpass and Fed Governor Christopher Waller.