Trump Says He Will Announce Fed Chair Powell's Successor In Early 2026

US President Donald Trump on Tuesday said he would reveal his choice to succeed outgoing Federal Reserve Chairman Jerome Powell “early next year.”

“We'll be announcing somebody probably early next year for the new chairman of the Fed,” Trump said during a cabinet meeting, according to Bloomberg.

Trump also remarked that Treasury Secretary Scott Bessent does not want the job.

His latest comments come just days after he told reporters aboard Air Force One that he had already decided on his pick for the top Fed role. Trump, however, did not disclose who the candidate would be.

A couple of days ago, Trump addressed questions about who would replace Powell but refused to name anyone. “I know who I am going to pick, yeah,” he told reporters while returning to Washington.

When asked whether National Economic Council Director Kevin Hassett would be chosen as the next Fed chair, Trump replied, “I’m not telling you. We will be announcing it.”

Hassett is widely seen as Trump’s preferred choice, with Bloomberg reporting he is a leading contender. Hassett offered a measured response to the speculation, telling CBS, “We had a great Treasury auction, interest rates went down, and I think that the American people could expect President Trump to pick somebody who’s going to help them have cheaper car loans and easier access to mortgages at lower rate.”

Two other names — former Fed governor Kevin Warsh and current board member Christopher Waller — are also being discussed as possible successors.

While Trump had previously suggested he would like Bessent to take the position, his remarks on Tuesday indicate that is no longer likely. Federal Reserve Vice Chair Michelle Bowman and BlackRock’s Rick Rieder are also said to be in the running.

Powell’s term ends in May next year. Bessent had earlier suggested that Trump could announce a replacement by Christmas, but Tuesday’s cabinet meeting indicates the decision will only be announced early next year.