Trump to announce next Fed chair within days

US President Donald Trump has said he will name his pick for the next chair of the Federal Reserve “in the coming days”, alongside a new head for the Bureau of Labour Statistics (BLS).

Speaking to reporters on August 3, Trump confirmed the announcements would follow the dismissal of Erica MacEntarfer, the BLS chief appointed by former President Joe Biden, Caliber.Az reports, citing foreign media. 

She was sacked shortly after the release of figures showing a sharp slowdown in US job growth.

The latest data showed the economy added 73,000 jobs in July, well below economists’ forecasts of 110,000, according to Trading Economics. Figures for May and June were also significantly revised down — from 147,000 and 144,000 to just 14,000 and 19,000, respectively. The unemployment rate edged up to 4.2% in July from 4.1% in June.

Trump accused Ms MacEntarfer of falsifying labour statistics, although he offered no evidence to support the claim. The BLS is also responsible for compiling consumer price and producer price data.

“We need accurate employment data,” Trump wrote on Truth Social, adding that she would be replaced by someone “far more competent and qualified.”

The president has been a frequent critic of current Fed Chair Jerome Powell, urging him to cut interest rates. The Fed’s benchmark rate has remained at 4.25%–4.5% since December. Powell’s term ends in May 2026.

Leading contenders for the top Fed post reportedly include White House economic adviser Kevin Hassett, former Fed governor Kevin Warsh — who served under President George W Bush — and Treasury Secretary Scott Bessent.

By Aghakazim Guliyev