When will Trump name Jerome Powell's replacement? US President drops hint as questions remain over top Fed Reserve post

US President Donald Trump on Tuesday stated that he would announce his pick to replace outgoing Federal Reserve Chairman Jerome Powell “early next year”.

“We’ll be announcing somebody probably early next year for the new chairman of the Fed,” Trump said in a cabinet meeting, as per AFP.

Trump also said Treasury Secretary Scott Bessent does not want that job, reported Reuters.

The US President’s latest comment on appointing Powell’s replacement comes days after he told reporters on board Air Force Once that he had decided on his pick for the top post at the Fed.

Trump, however, did not reveal who his preferred candidate was.

What did Trump say earlier?

A couple of days back, Trump addressed the ongoing speculation about Powell’s replacement but stopped short of revealing a name despite questions.

“I know who I am going to pick, yeah,” the US President told reporters on his way back to Washington.

When quizzed about whether National Economic Council Director Kevin Hassett would be chosen to lead the Federal Reserve, Trump snapped back, “I’m not telling you. We will be announcing it.”

Who are the top picks for the job?

Kevin Hassett, who previously chaired the Council of Economic Advisers (CEA), is widely viewed as Trump’s choice to replace Powell, with a Bloomberg report putting him as a top contender for the post.

“We had a great Treasury auction, interest rates went down, and I think that the American people could expect President Trump to pick somebody who’s going to help them have cheaper car loans and easier access to mortgages at lower rate,” Hassett told CBS recently, giving a relatively reserved response to rumours about him being picked.

Two other names—former Fed governor Kevin Warsh and current board member Christopher Waller—have also been doing the rounds with regard to the question of succession at the Fed.

While Trump had earlier said that he’d like Bessent in the post, Tuesday’s comment seems to rule out that possibility.

Federal Reserve Vice Chair Michelle Bowman and BlackRock’s Rick Rieder are also said to be contenders.

With Powell’s term expiring in May next year, Bessent had earlier said that Trump could announce a candidate to replace the outgoing Fed chair by Christmas. Tuesday’s cabinet meeting, however, suggests that the decision can only be expected early next year.