Trump to announce Jerome Powell's replacement as Fed chair soon
With Jerome Powell's term as Federal Reserve Chair ending in May, President Trump is gearing up to name his replacement in January 2026.
Kevin Hassett, a close Trump adviser and economic adviser, is seen as the top contender.
Other names in the mix include ex-Fed Governor Kevin Warsh, current Governor Christopher Waller, Fed Vice Chair of Supervision Michelle Bowman, and BlackRock's Rick Rieder.
Why does this matter?
Whoever leads the Fed next will shape big decisions about interest rates and inflation—moves that directly impact jobs, loans, and even your savings.
Hassett stands out for pushing lower interest rates to boost the economy, which fits with Trump's approach but contrasts with the Fed's recent caution due to inflation worries.
Who is Kevin Hassett?
Hassett isn't just another economist; he's been a trusted voice for Trump on economic policy.
His close relationship with Trump could give him an edge over other candidates.
What happens if Powell leaves early?
If Powell steps down before his term ends, Hassett has suggested finishing out Powell's term through January 2028—potentially giving Trump more say in who runs the Fed next.