US President Donald Trump is reportedly preparing to name the next chair of the Federal Reserve earlier than expected in an effort to undermine incumbent Jerome Powell, who has frustrated him by refusing to cut interest rates.

Trump has made no secret of his disdain for Powell, recently describing him as “an average mentally person” with a “low IQ for what he does”. But Powell’s term does not end until May 2026, and the Supreme Court has ruled that the Fed is the one independent agency whose chair the president cannot fire.

Typically, a US president announces a new Fed chair a few mont...