President Donald Trump acknowledged on Monday that his 2017 decision to pass over Kevin Warsh for Federal Reserve Chair was a “really big mistake,” attributing the move to pressure from his former Treasury Secretary.

The Runner-Up Regret

Speaking to Fox Business, the President reflected on the 2017 selection process that ultimately saw Jerome Powell lead the central bank. Trump revealed that Warsh had been the “runner-up” in his mind, but that he had allowed himself to be swayed by then-Treasury Secretary Steven Mnuchin.

“I made a mistake because I had somebody who was my Secretary of the Treasury, wanted him so badly,” Trump said, adding, “I did not feel good about him [Powell], but sometimes you listen to people. It was a mistake, a really big mistake.”

The President's candid admission comes just days after he officially nominated Warsh to succeed Powell when the latter's term expires in May 2026.

Trump expressed high confidence in his new pick, describing Warsh as a “high-quality person” capable of driving U.S. economic growth to a staggering 15%.

Economic Radicalism, Rate Cuts

The nomination of ...