Donald Trump To Announce His Fed Chair Pick Next Week Amid Feud With Jerome Powell

Last Updated:January 29, 2026, 23:12 IST

Donald Trump will announce his pick to succeed Jerome Powell as Federal Reserve chair next week.

President Donald Trump and Federal Reserve Chair Jerome Powell. (Images: AP)

US President Donald Trump said he intends to announce his choice to succeed Jerome Powell as chair of the Federal Reserve next week, ending weeks of speculation over who will lead the US central bank when Powell’s term expires in May 2026.

Trump, who first appointed Powell during his previous term in office, has repeatedly criticised him for resisting calls to cut interest rates more sharply, and the relationship between the president and the Fed chair has often been tense. Powell has defended the central bank’s independence, stressing that monetary policy must be guided by economic data rather than political pressure, an argument underscored at the Fed’s latest meeting when officials opted to hold interest rates steady despite significant political scrutiny.

The issue of independence has come to a head amid a criminal investigation into Powell launched by the United States Department of Justice over his congressional testimony regarding cost overruns on a Federal Reserve renovation project, a probe Powell and many economists view as politically motivated and aimed at weakening the Fed’s autonomy. Powell has dismissed the investigation as a pretext for political interference, and central bankers worldwide have publicly stood in support of the institution’s independence.

At a recent press conference, Powell declined to comment on whether he plans to stay on the Fed Board after his chairmanship ends, a decision he is legally permitted to make and offered advice to his successor to avoid being drawn into electoral politics.

Trump’s choice will shape the future direction of US monetary policy at a time when markets are watching closely. According to US Treasury Secretary Scott Bessent, Trump has been discussing several contenders, with at least four top candidates under consideration, including names such as BlackRock’s Rick Rieder, NEC Director Kevin Hassett, Fed Governor Christopher Waller and former Governor Kevin Warsh.

Financial markets and policymakers are paying close attention, as the next Fed chair will have influence over interest rates, inflation control and the broader economic outlook at a delicate moment for the global economy.

News world Donald Trump To Announce His Fed Chair Pick Next Week Amid Feud With Jerome Powell

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