US EditionTrump Nears Decision on Federal Reserve Chair with Senate Confirmation Ahead
Trump’s nominee to replace Jerome Powell will influence US monetary policy and requires Senate approval, with the final decision expected before Christmas, Treasury Secretary Scott Bessent said.
- On Sunday, US President Donald Trump said he has decided on his pick for Federal Reserve chair, while US Treasury Secretary Scott Bessent has finished vetting five finalists and the White House could announce before Dec. 25.
- President Trump has repeatedly criticised Jerome Powell for the pace of rate cuts, while the White House says it will choose on merit though advisers stress alignment with Trump's priorities.
- Kevin Hassett, National Economic Council Director, is the leading contender and has said he'd accept the role, while markets briefly pushed the 10-year Treasury yield below 4% after his frontrunner reports.
- With the December FOMC meeting on December 9, markets are watching the White House selection closely, as the nominee must undergo Senate confirmation early in 2026 and could start a 14-year Fed term on February 1, 2026.
- Given split views inside the central bank, the appointment could redefine U.S. monetary policy direction for years, as Fed officials manage inflation not fully stabilised and uneven growth, and Powell's term as chair ends in May 2026, creating a potential additional Board vacancy.
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Trump says he has made his choice for next Fed chair: ‘I know who I’m going to pick’
President Trump said he has made his choice for the next Federal Reserve chair, signaling he will soon name a successor for Jerome Powell, whom he has blasted for months for failing to cut interest rates quickly.
All roads point to the same name: Kevin Hasset. U.S. President Donald Trump says he has already decided who will replace the current president of the Federal Reserve (Fed), Jerome Powell, whose term ends in May. Trump has been running a harassment campaign against Powell for months which he considers lukewarm in his monetary policy decisions for not lowering interest rates more aggressively. He has come to insult him and ask for his dismissal, a…
Donald Trump has already chosen a new Fed boss. According to insiders, it is already clear who it is. But who is this man? So he will actually get the job.
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