US President Donald Trump said on Tuesday that he will “probably” announce at the beginning of next year the name of Jerome Powell’s successor as head of the Federal Reserve (the US central bank).
“We will likely announce early next year who could become the new Chairman of the Federal Reserve,” Trump announced at a Cabinet meeting, repeating that he had offered the position to Treasury Secretary Scott Bessent, who did not accept it.
Donald Trump’s nomination must be confirmed by the Senate, which has a Republican majority.
The mention of an announcement in 2026 appears to be another postponement of this strategic appointment, which the executive authority has been working on for several months.
Besant told CNBC last week that there is a “very good chance that the president will make an announcement before Christmas.” Trump told the press on Sunday that he already knows who he will nominate.
His chief economic adviser, Kevin Hassett, has emerged as the front-runner in recent days.
Hassett himself estimated Sunday, on CBS News, that financial markets appear to welcome that possibility.
If his loyalty to Donald Trump opens the doors to the Fed, this doctor of economics must convince the rest of the political class and investors that he will not allow inflation to get out of control. And he is in a position to maintain the independence of the institution that he himself has helped criticize in recent months.
Jerome Powell’s term ends in May.
Trump tried in vain to hasten his departure, making many insults and accusations against Powell, whom he appointed as head of the Federal Reserve during his first term.
The head of state has since said that he deeply regrets this choice, as the Fed keeps interest rates at a level too high for his liking.