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President Donald Trump hinted Tuesday that he has already identified his pick to lead the Federal Reserve, even as he vented frustration over his inability to immediately replace current Fed Chair Jerome Powell. Speaking to reporters in the Oval Office, Trump said he knows who he wants for the top central bank role but stopped short of revealing the name, noting only that “people are holding me back” from removing Powell before his term ends.
The search for the next Federal Reserve chair is being led by Treasury Secretary Scott Bessent, who has narrowed the shortlist to several well-known economic figures. Candidates include Fed Governors Christopher Waller and Michelle Bowman, former Fed Governor Kevin Warsh, National Economic Council Director Kevin Hassett, and BlackRock executive Rick Rieder. According to Trump, the list includes both “surprising names” and “standard names,” suggesting the president may still be weighing whether to make a conventional or unconventional choice. Trump added that the administration “may go the standard way,” signaling openness to picking someone with traditional central banking experience.
Bessent is expected to deliver his formal recommendations after the Thanksgiving holiday. While Trump has publicly praised multiple contenders, he has not indicated a clear favorite. The president has repeatedly criticized Powell for what he sees as slow action in reducing interest rates, a point of tension throughout Trump's presidency. Powell’s term as chair ends in May, although his broader term as a Fed governor runs through 2028, meaning he cannot be fully removed from the board.
Trump also reiterated his desire to see Bessent take the position himself, though the Treasury secretary has expressed a preference to remain in his current role. As anticipation builds, Trump’s choice will shape the direction of U.S. monetary policy at a critical moment, making the decision a top focus for financial markets and political observers alike.
