President Donald Trump has announced that his selection for the next Federal Reserve chair will be made early in 2026, revising his earlier goal of naming a nominee by Christmas or the end of 2025.
Announcement timeline changes
Speaking at a cabinet meeting in Washington, Trump updated the public on his plans for the central bank’s leadership. He stated:
“We’ll be announcing a new Fed chair early next year.”
This update represents a shift from previous comments, where he had indicated a decision could come as soon as the end of this year.
Comments on potential candidates
Trump also addressed speculation about potential nominees.
He mentioned that current U.S. Treasury Secretary Scott Bessent was not interested in taking on the Federal Reserve chair role.
The president’s remarks were made during a briefing with reporters.
Powell’s term and expected replacement
Current Federal Reserve Chair Jerome Powell’s term officially ends on May 15, 2026.
Trump has repeatedly criticized Powell for not reducing interest rates quickly enough, increasing expectations that a replacement will be nominated when Powell’s term concludes.
