But that criticism resumed after Fed officials left interest rates unchanged in July, followed by a turbulent stretch in which Trump fired the head of the Bureau of Labor Statistics after a report earlier this month that showed a weakening US jobs market.

Trump has  repeatedly called for Powell to resign. At times, he has mulled whether he should outright fire him before saying he would wait out his term to avoid delivering a shock to markets. Treasury Secretary Scott Bessent is running a search for a candidate to replace Powell when the chair’s term is up in May with Trump expected to make his final announcement this fall, according to two administration officials. 

The president last week also seized on an earlier-than-expected opportunity to put his imprint on the central bank by tapping Stephen Miran, one of his top economic advisers, to serve as a Federal Reserve governor. 

Miran, who will need Senate confirmation, would only serve the expiring term of Fed Governor Adriana Kugler, which ends in January, allowing Trump more time to search for a permanent replacement.