Trump is set to finally reveal his top choice to replace Jerome Powell later today. The U.S. President shared that he would announce the next Fed chair after he met with Kevin Warsh.
Trump to Name Next Fed Chair After Deliberations
According to Reuters, U.S. President Donald Trump announced that he plans to announce his selection to replace Federal Reserve Chairman Jerome Powell on Friday. This came after he concluded a meeting with one of the candidates, Kevin Warsh.
“I’ll be announcing the Fed chair tomorrow morning,” Trump said, “it’s a person that won’t be too surprising to people. A lot of people think that this is somebody that could have been there a few years ago.”
Bloomberg then reported that the White House is preparing for Trump to name Kevin Warsh as the next Fed Chair. However, the sources said that the selection is not final until the President makes a formal announcement.
The Trump administration is preparing for the president to nominate Kevin Warsh to be the next Federal Reserve chair, according to people familiar with the matter. Read more: https://t.co/Zwp1r5eN8q
📷️: Tierney L. Cross/Bloomberg pic.twitter.com/oaSwHP7zIf
— Bloomberg (@business) January 30, 2026
Trump desires the Fed to cut its interest rate considerably. The growing pressure on Powell and the Fed to cut interest rates has resulted in the possibility of Powell staying beyond May shield the body from political pressure. The term of Powell as a member of the Fed’s Board of Governors ends in 2028.
During the months-long process of the President’s administration searching for a successor for Powell, Trump has been observed to favor different candidates. Chris Waller was recently said to be favored, but the odds changed after his statements last night.
Other candidates on the Fed Chair shortlist include Kevin Hassett, the Director of the National Economic Council, and Rick Rieder, an executive at BlackRock Inc.
Bets Surge on Kevin Warsh as Powell Successor
According to Polymarket data, Warsh shot to the top of the favorites as a contender for the position with chances of over 94%. This is a huge leap from the initial projection of 30%.
The FOMC committee this week kept Fed rates unchanged after reducing them three times at the end of last year. Trump wants a Fed chair candidate who can be market-friendly and also agrees with his desire to reduce interest rates further and faster.
Warsh has been a member of the US central bank’s Board of Governors from 2006 to 2011. He has been an advisor to Trump on economics. If he gets announced, he will replace Jerome Powell, who will be leading the Fed until May. It will be a comeback for Warsh, who was overlooked by the President for the position in 2017 when he chose Powell.