President Donald Trump confirmed on Tuesday that he has finalized his choice for the next Federal Reserve Chair, with the official announcement scheduled for early next year. The decision will determine who leads the U.S. central bank after Jerome Powell’s term ends in May 2026.
During a Cabinet meeting at the White House, Trump revealed that the search process has narrowed significantly after months of interviews.
“We probably looked at ten,” Trump said. “And we have it down to one.”
Who was considered?
According to Trump, Treasury Secretary Scott Bessent played a major role in interviewing candidates, although Trump clarified that Bessent himself “does not want that job.”
Bessent previously identified five finalists for the powerful position:
-
Kevin Hassett – White House economic adviser
-
Kevin Warsh – Former Federal Reserve Governor
-
Christopher Waller – Current Fed Governor
-
Michelle Bowman – Fed Vice Chair for Supervision
-
Rick Rieder – BlackRock executive
Trump did not reveal which finalist was selected, but said multiple advisers were involved in the final decision.
Why the change matters
The next Fed Chair will take over at a critical moment for the U.S. economy, as the central bank navigates interest-rate cuts, inflation management, and potential recession risks.
Trump has repeatedly criticized current chair Jerome Powell, accusing him of failing to lower interest rates quickly enough and questioning his leadership. Tensions between Trump and Powell date back to before Trump returned to office earlier this year.
What happens next?
Once Trump announces his pick next year, the nominee must be confirmed by the U.S. Senate before taking over the role in May 2026.
Until then, speculation is expected to intensify over which of the finalists will be chosen to lead the world’s most influential central bank.
