TLDR
- President Donald Trump confirmed he will announce the new Fed Chair in early 2026.
- Trump stated that he has already chosen the next Fed Chair but will not reveal the name yet.
- Kevin Hassett is currently seen as the leading candidate to replace Jerome Powell.
- The Fed Chair shortlist has narrowed down to one person according to Trump’s latest statement.
- Treasury Secretary Scott Bessent is managing the selection process for the next Fed Chair.
President Donald Trump confirmed he will name the next Fed Chair in early 2026. He revealed this during a Cabinet meeting. The current Fed Chair Jerome Powell’s term ends in May 2026.
Trump stated he has made his decision but will wait to announce. “We’ve got our person,” he said. The president mentioned the name is already finalized.
Trump has been vocal about Powell’s pace on rate cuts. He previously criticized the Fed Chair for being too slow. Trump now seeks someone “more aggressive” in monetary decisions.
Trump Eyes Hassett for Fed Chair Role
Kevin Hassett is viewed as the current front-runner for the Fed Chair role. He heads the White House National Economic Council. Hassett recently said he is “happy to serve,” fueling speculation.
Though he has not confirmed any plans, his openness has raised expectations. Hassett’s economic background aligns with Trump’s goals. Trump values loyalty and strong monetary positions.
The president prefers someone willing to cut interest rates quickly. Hassett has publicly supported lower rates in the past. His stance could match Trump’s expectations.
However, no confirmation has been made on his nomination. The final decision rests solely with Trump. The Senate will still need to approve any appointment.
Shortlist Narrows, Timeline Shift Confirmed
Trump disclosed that only one person remains on his Fed Chair list. He refused to reveal the name. “We’ve narrowed it down,” Trump said during the meeting.
The initial timeline pointed to a Christmas announcement. However, Trump now plans to announce in early 2026. This shift gives more clarity to the process.
Scott Bessent, the Treasury Secretary, oversees the selection. Though Trump often jokes about nominating Bessent, he has declined interest. The shortlist includes several known figures.
Names in contention include Christopher Waller, Michelle Bowman, Kevin Warsh, and Rick Rieder. These individuals remain possibilities for Fed Chair. All have monetary policy experience.
Powell Term Ends, Transition Nears
Jerome Powell’s current term as Fed Chair concludes in May 2026. He can remain as governor afterward. However, he cannot continue as chair without reappointment.
Trump has not backed Powell’s extension. His criticism of Powell’s rate stance remains constant. Trump wants a chair who aligns with his pace.
The new Fed Chair must be confirmed by the Senate. If Trump selects someone outside the Fed, a 14-year term begins. That decision may shape policy for years.
Trump has stressed urgency on rate cuts. He said the next Fed Chair “must act faster.” The decision now enters its final phase.
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Source: https://blockonomi.com/trump-confirms-early-2026-announcement-for-new-fed-chair-selection/