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Trump Moves to Replace Fed and BLS Chief Amid Economic Shake-Up, Crypto Market Rallies

Published by
Nidhi Kolhapur

President Trump is moving quickly to replace two key economic positions, backing a pro-rate-cut agenda. With the chances of a September rate cut nearing 80%, markets are reacting—crypto has surged, adding to the growing momentum.

Trump Eyes Fed, BLS Shake-Up After Sudden Exits

Two major vacancies opened Friday, one at the Federal Reserve after Governor Adriana Kugler’s unexpected resignation, and the other at the Bureau of Labor Statistics after the President fired Commissioner Erika McEntarfer.

McEntarfer was fired shortly after a weak jobs report in July, and the President accused her of manipulating job numbers.

In a Truth Social Post today, Trump slammed last week’s jobs report as “rigged,” claiming it was manipulated to favor Democrats, just like pre-election data. He pointed to record job revisions as proof and vowed to appoint an “exceptional” replacement.

Federal Reserve Governor Adriana Kugler’s term was set to end in January. In her letter to the President, she gave no explanation for stepping down. Her departure takes effect August 8. Trump is weighing several candidates for the Fed role and plans to announce his pick soon. “I have a couple of people in mind,” he said.

Fed Shake-Up Gives Trump New Leverage

Kugler’s resignation gives Trump a key opening to remake the Federal Reserve. During her tenure, she has backed Fed Chair Jerome Powell, who Trump often criticizes.

According to a report from Bloomberg, contenders to fill the Fed vacancy, and potentially succeed Jerome Powell as chair when his term ends in May, include Kevin Hassett, Kevin Warsh, Scott Bessent, and current Fed Governor Christopher Waller.

After the Fed held rates steady for the fifth time, Trump ripped into Chair Jerome Powell on Truth Social, calling him a “stubborn moron” and urged the Fed Board to take control if he won’t cut rates. He has long accused Powell of being too slow and hurting the economy with high rates.

Rate Cut Chances Cross 80%

However, the chances of a September rate cut have climbed to over 80%, according to the CME FedWatch tool. Additionally, if Trump appoints a pro-rate-cut Fed governor, it could further push the Fed toward easing at the next FOMC meeting, that could boost crypto prices.

Crypto Market Rallies

The crypto market has climbed to a $3.83 trillion market cap, up 1.7% in the last 24 hours. Bitcoin is up over 1%, while Ethereum, XRP, and Cardano have jumped 3–5%, adding to the bullish momentum.

Fueling the rally further is a breakthrough in the U.S.–E.U. trade deal, with the European Union proposing a six-month pause on its countermeasures, which has boosted investor confidence across markets, including crypto.

Nidhi Kolhapur

Nidhi is a Certified Digital Marketing Executive and Passionate crypto Journalist covering the world of alternative currencies. She shares the latest and trending news on Cryptocurrency and Blockchain.

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