Donald Trump says he thinks he already knows the choice for next Fed Chair

President Donald Trump said he thinks he’s identified his choice to be the next chair of the Federal Reserve while asserting people are holding him back from firing the central bank’s current leader, Jerome Powell.

“I think I already know my choice,” Trump told reporters in the Oval Office on Tuesday, without specifying who it is. “I’d love to get the guy currently in there out right now, but people are holding me back.”

Treasury Secretary Scott Bessent, who is leading the search, has said he has narrowed the pool of contenders to current Fed Governors Christopher Waller and Michelle Bowman, former Fed Governor Kevin Warsh, White House National Economic Council Director Kevin Hassett and BlackRock Inc. executive Rick Rieder.

“We have some surprising names and we have some standard names that everybody’s talking about,” Trump said. “And we may go the standard way. It’s nice to every once in a while go politically correct.”

The president has publicly mused about the decision, praising candidates on the list, but has been coy about suggesting whether he’s leaning toward any particular candidate.

Bessent, speaking later Tuesday on Fox News, said he hoped to conclude the process next month.

“We’re doing another round of interviews. Then some people in the White House will be doing interviews, probably right after Thanksgiving,” Bessent said. “Mid-December, the President will meet with the final three candidates, and hopefully have an answer before Christmas.”

The pick will replace Powell, whom Trump has repeatedly criticized for being too slow to slash interest rates. Powell’s term as chair ends in May, but his term as governor is not slated to conclude until 2028.

Trump reiterated that he’d like Bessent to take the Fed job, but that the Treasury secretary enjoys his role in the administration too much to leave. Bessent confirmed on Fox News that he could “safely say” he won’t be the pick.

The next chair is likely to be named to a 14-year Fed governor term that opens on February 1. The term that expires at that time is currently held by Stephen Miran, who is on unpaid leave from the White House Council of Economic Advisers.

The next chair will have to maintain a careful balancing act, appealing to Trump’s desire for lower interest rates while also maintaining investor confidence.