Trump Expected to Announce New Federal Reserve Chair Soon

WASHINGTON, D.C. — President Donald Trump hinted Sunday that he has chosen his nominee for the next Federal Reserve chair, signifying a potential shift in U.S. monetary policy. Trump made the announcement while aboard Air Force One, stating, “I know who I am going to pick, yeah,” but did not disclose the name.

The President’s comments come as current Fed Chair Jerome Powell‘s term is set to end in May 2026. Trump has been critical of Powell, especially regarding interest rates, and seeks a nominee who prioritizes rate cuts.

Among the potential candidates is Kevin Hassett, the head of the National Economic Council, who has been viewed as a frontrunner. On CBS‘ Face the Nation, Hassett declined to confirm the speculation but expressed openness to the role, emphasizing that the markets have reacted positively in anticipation of a new chair.

“We had a great Treasury auction, interest rates went down, and I think that the American people could expect President Trump to pick somebody who’s going to help them have cheaper car loans and easier access to mortgages at lower rates,” Hassett remarked.

Other candidates reportedly include Fed governors Christopher Waller and Michelle Bowman, former Fed governor Kevin Warsh, and BlackRock’s Rick Rieder. Treasury Secretary Scott Bessent, supervising the selection process, indicated that Trump might announce his choice before Christmas.

The next Fed chair will require Senate confirmation and potentially hold a 14-year term if not currently a Fed member. The upcoming announcement could influence market dynamics significantly, particularly in relation to interest rates and economic growth.