Donald Trump says he will announce new Fed chair 'early next year'

By Josh Wingrove and Jennifer A. DlouhyPresident Donald Trump said he plans to announce his selection to lead the Federal Reserve in early 2026, fueling further speculation about the next leader of the US central bank.

 

“We’ll be announcing somebody, probably early next year, for the new chairman of the Fed,” Trump said Tuesday during a Cabinet meeting at the White House. 

Trump’s comments offer a clearer timeline for the announcement. Treasury Secretary Scott Bessent, who has been overseeing the selection process, previously said the pick could be revealed around Christmas. 

The president on Sunday told reporters he knew who he would nominate, without offering further details. 

 

Trump for months has pressured the Fed to lower interest rates, and naming a successor to Jerome Powell, whose term as Fed Chair expires in May, would give the president his biggest chance yet to reshape the institution. Trump has criticized Powell as being too slow and timid in pursuing cuts, and the president has signaled he expects his replacement to move more forcefully to lower rates. 

Trump repeated those criticisms Tuesday, calling Powell a “stubborn ox, who probably doesn’t like your president.” Though Powell’s term as chair ends next year, he could remain on the board for two more years as a governor. 

White House National Economic Council Director Kevin Hassett is seen as the likely choice to succeed Powell, people familiar with the matter told Bloomberg News last week. 

Still, Trump is known to make surprise personnel and policy decisions, meaning a nomination is not final until it’s made public. Other finalists have included Fed Governors Christopher Waller and Michelle Bowman, former Fed Governor Kevin Warsh and BlackRock’s Rick Rieder.  

Trump in September singled out Hassett, Warsh and Waller as his top three candidates. Trump also regularly says he’d like Bessent as chair, though the Treasury secretary has repeatedly rejected the notion. 

Fed chair and governor picks typically represent the most direct way for presidents to influence the central bank. But Trump has been vocal in criticizing the Fed for moving too slowly to cut borrowing costs and for expensive renovations of its campus. The White House also is engaged in litigation over Trump’s attempted dismissal of Fed Governor Lisa Cook. 

Whomever Trump picks will require Senate confirmation as chair. If the selection is an outsider, the person would likely receive a 14-year Fed governor term that begins Feb. 1.