Have clear idea of next Fed chair, will review contenders, says Trump

By Hadriana Lowenkron and Jennifer A. Dlouhy

 

President Donald Trump said he will be looking at a couple candidates to chair the Federal Reserve, after the Financial Times reported that he would begin interviews with contenders this week.

 

“We’re going to be looking at a couple different people, but I have a pretty good idea of who I want,” Trump told reporters on Air Force One on Tuesday.

 

White House National Economic Council Director Kevin Hassett remains the frontrunner in the race to succeed Jerome Powell atop the Fed, the FT said on Tuesday, citing unnamed administration officials. But Hassett’s selection is not guaranteed, according to the newspaper.

 

 

Trump has said he will soon announce his choice for Fed chair, but that he might wait until early 2026 to publicly reveal the name.

 

The president and Treasury Secretary Scott Bessent are scheduled to meet Wednesday with former Fed Governor Kevin Warsh, the FT reported. Trump and Bessent are also expected to hold at least one interview next week, the newspaper said. White House Chief of Staff Susie Wiles may also attend the meetings, according to the report.

 

“Personnel decisions to be made by President Trump will be announced directly by President Trump himself. Any discussion until then is pointless speculation,” White House spokesperson Kush Desai said in a statement.

 

Other finalists for the job have included current Fed Governors Christopher Waller and Michelle Bowman, and BlackRock’s Rick Rieder. The FT reported that Bessent presented four of the five names to Trump.

 

The FT reported that administration officials have discussed Hassett serving a shorter-than-usual term. Most Fed posts last for 14 years, including one slot that will open up at the end of January. Hassett has proposed that instead of filling that seat, he could instead replace Powell on the Board of Governors for the remainder of that term, which ends in 2028, according to the newspaper.

 

Powell’s time as chair is set to end in May 2026, but he can stay on the Board of Governors for two more years. Powell has not said whether he plans to stay on the board or resign early.