On April 25, Nick Timiraos, a reporter for the Wall Street Journal known as the "sounding board of the Federal Reserve", issued an article saying that Trump called Federal Reserve Chairman Powell the "main loser", but the bigger loser in his quarrel with the Federal Reserve may be Trump's choice to replace Jay Powell next year. Because by criticizing the Federal Reserve to influence policy, Trump may create a "shadow of doubt" on his nominees. Lawrence Summers, who served as Treasury Secretary in the Clinton administration from 1999 to 2001, said,"It would be foolish for presidents to publicly attack the Fed. The Fed either won't listen, or it feels pressured to prove its independence, which means short-term interest rates will remain unchanged or even higher."