On December 17, U.S. President Donald Trump delivered a national address from the White House, largely focusing on domestic achievements during his return to office while notably avoiding mention of Venezuela or the Russia-Ukraine conflict—topics widely anticipated by observers. The key takeaway from his 20-minute speech was the announcement that he would nominate the next Federal Reserve Chair "very soon."
**Deflecting Blame** Trump opened by shifting responsibility for issues like illegal immigration and violent crime onto the previous Biden administration, stating, "Eleven months ago, I inherited a mess, and now I’m fixing it." He highlighted his administration’s accomplishments, including reduced illegal border crossings and lower prices for certain essentials, promising a "stronger" America next year. However, he offered no new solutions to soaring living costs, merely acknowledging high prices while predicting an economic boom ahead.
The November 2024 midterm elections, seen as a referendum on Trump’s policies, loom as Republicans aim to retain control of Congress. Recent local election setbacks for the GOP have been attributed to public dissatisfaction with Trump’s economic agenda. A Marist College poll released on December 17 showed only 36% approval for Trump’s economic management—a record low—while 57% disapproved.
**Silence on Venezuela** Despite rampant speculation about potential U.S. military action against Venezuela, Trump’s speech omitted any reference to the country. Earlier that day, the House rejected two resolutions that could have constrained Trump’s options. Public opinion also opposes intervention, with a Quinnipiac University poll showing 63% of voters against military operations in Venezuela.
Venezuela has repeatedly accused the U.S. of seeking regime change through military threats. In a social media statement, Venezuela’s Defense Ministry condemned Trump’s rhetoric as "piracy," while President Nicolás Maduro urged the UN to counter U.S. threats to sovereignty and international law during a call with Secretary-General António Guterres.
**The Fed Chair Contenders** Trump confirmed he would soon name a Fed Chair who supports "very significant" rate cuts, criticizing the central bank’s recent modest reduction as insufficient. Reports indicate he interviewed Fed Governor Christopher Waller on December 17 and previously cited ex-Fed Governor Kevin Warsh and NEC Director Kevin Hassett as top candidates. Trump told *The Wall Street Journal* he wants rates slashed to "1% or lower" within a year to ease Treasury debt costs, though he insisted the next chair need not fully obey his directives.
Since retaking office, Trump has repeatedly attacked Fed Chair Jerome Powell for slow rate cuts and even threatened his removal. Powell, whose term expires in May 2024, has defended the Fed’s independence despite Trump’s pressure. The nominee will require Senate confirmation.
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