The president says he has already made his decision on who will replace outgoing Federal Reserve Chairman Jerome Powell.
President Donald Trump said Tuesday he expects to formally announce his pick for the next Federal Reserve Chair “early next year,” signaling the coming end of Jerome Powell’s term as head of the central bank.
Trump made the remarks during a Cabinet meeting, adding that the decision has already been made. His comment follows an earlier exchange aboard Air Force One this weekend, where he told reporters he had settled on a replacement.
“We’ll be announcing somebody probably early next year for the new chairman of the Fed,” Trump said.
Powell, whose tenure ends in early 2026, has guided the central bank through a turbulent period marked by inflation spikes, aggressive rate-hiking cycles, and recent economic uncertainty tied to global tariff measures and market volatility.
The White House has not released any names under consideration, and it remains unclear whether the administration will opt for continuity or a sharp shift in monetary policy leadership.
The announcement is expected to arrive at a moment of heightened market sensitivity, with investors closely watching for any signals on future interest-rate strategy and regulatory direction.
More details are expected in the coming weeks as preparations for the transition ramp up.
