On April 25th, the "Wall Street Journal" journalist Nick Timiraos, known as the "Fed Whisperer," wrote that Trump called Federal Reserve Chairman Powell the "biggest loser," but the bigger loser in his quarrel with the Fed may be the person Trump chooses to replace Jay Powell next year. By criticizing the Fed to influence policy, Trump may cast a "shadow of doubt" on his nominee.

Lawrence Summers, who served as Treasury Secretary in the Clinton administration from 1999 to 2001, said, "It is foolish for any president to openly criticize the Fed. The Fed will either not listen, or will feel pressured if they do, needing to prove their independence, which means short-term interest rates will remain unchanged or even higher."