US President Donald Trump said his search for the next Federal Reserve chair has effectively ended, confirming that the White House has settled on a single candidate to replace Jerome Powell and plans to unveil the choice in early 2026.
Trump Says Fed Chair Race Down to One, Decision Due Early 2026
2 December 2025 - 20:09 CET
By Matt Neill
“We’ll be announcing somebody, probably early next year, for the new chairman of the Fed,” Trump told reporters during a Cabinet meeting, adding that “we have it down to one” after reviewing around 10 prospects, some of whom were interviewed by Treasury Secretary Scott Bessent. He declined to name the finalist.
The decision will give Trump his clearest shot yet at reshaping the US central bank as he continues to rail against Powell for being too slow and “timid” in cutting interest rates. On Tuesday, he reprised those criticisms, calling the current chair a “stubborn ox, who probably doesn’t like your president.”
Powell’s term as chair expires in May, though he could remain on the board as a governor for two more years. Trump has made clear he expects the next chair to move more forcefully to lower borrowing costs, turning the appointment into a de facto referendum on how aggressively the Fed should support growth.
Hassett in Pole Position
White House National Economic Council director Kevin Hassett is reportedly seen as the leading contender. Other names in the final mix have included Fed Governors Christopher Waller and Michelle Bowman, former governor Kevin Warsh, and BlackRock bond chief Rick Rieder.
Trump previously flagged Hassett, Warsh, and Waller as his top three, and has quipped that he’d like Bessent himself in the role, though the Treasury secretary has repeatedly rejected the idea.
Any nominee will require Senate confirmation as chair, and an outsider would likely be granted a new 14-year term as governor, starting 1 Feb, which would give Trump influence over Fed policy well beyond Powell’s exit.
