President Donald Trump stated is likely to announce his nominee for the next Federal Reserve chair early in 2026.
Speaking during a Cabinet meeting at the White House on Tuesday, Trump confirmed that, “We’ll be announcing somebody, probably early next year, for the new chairman of the Fed.”
Treasury Secretary Scott Bessent, who is overseeing the selection process, had earlier suggested the announcement could come before Christmas.
Although he offered little additional detail, Trump told reporters on Sunday that he already knows who he plans to nominate.
For months, Trump has pushed the Fed to lower interest rates and has framed his choice of a successor to Jerome Powell, whose term as Fed Chair ends in May 2026, as a significant opportunity for reform. The president has repeatedly criticized Powell for being too cautious in advocating for rate cuts, suggesting that his nominee would take a bolder approach.
During Tuesday’s meeting, Trump reiterated his frustrations, calling Powell a “stubborn ox” and implying that Powell’s reluctance to act aligned with a personal aversion to the president. Powell may remain on the Fed board for two more years after his term as chair expires in 2026.
Trump revealed that 10 potential candidates are currently under consideration, and that several individuals—including Bessent and Commerce Secretary Howard Lutnick—are involved in the selection process. “I think we probably looked at 10, and we have it down to one,” he said.
Later, Trump mentioned White House National Economic Council Director Kevin Hassett as a “potential Fed chair,” adding, “I guess a potential Fed chair is here too. Am I allowed to say that? Potential. He’s a respected person, that I can tell you. Thank you, Kevin.”
Hassett, 63, who served as the head of the Council of Economic Advisers during Trump’s first term, has been a vocal supporter of the president’s calls for lower interest rates and broader import tariffs.
In a previous statement, Bessent noted that five candidates were being seriously considered: Hassett, Federal Reserve Vice Chair for Supervision Michelle Bowman, Fed Board Member Christopher Waller, former Fed Board Member Kevin Warsh, and Rick Rieder, Chief Investment Officer of Global Fixed Income at BlackRock.
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