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Trump says he will reveal his pick for the next Federal Reserve chair as early as next week, instantly pulling markets’ attention forward—even though Jerome Powell’s term doesn’t end until May 2026. Once a president puts a timeline on a decision like this, it stops being background chatter and becomes a market-moving signal.
The timing matters. The Fed has just held rates steady after a long pause, and investors are trying to read what comes next: rate cuts, or an extended period of “higher for longer.” What adds fuel to the moment is how public the process has become. Names are circulating openly, and each potential candidate carries clear policy implications markets can’t ignore.
Among those reportedly under consideration are Rick Rieder, Kevin Hassett, Christopher Waller, and Kevin Warsh. Treasury Secretary Scott Bessent has confirmed he has discussed these options extensively with Trump, adding another layer of visibility—and pressure—to the decision.
That openness raises a key question: is this nomination aimed at calming markets, shifting the Fed’s policy direction, or signaling political control over interest rates? Even so, a headline announcement doesn’t change policy overnight. The Fed operates as a committee, any nominee must pass Senate confirmation, and credibility inside the institution still has to be earned.
Powell’s own reminder—that the Fed chair should remain separate from electoral politics—looms large. If the next chair arrives under heavy political spotlight, the real judgment will be swift. Inflation data, labor markets, and institutional trust won’t be swayed by announcements or optics.