President Trump has decided to push back his announcement about who will lead the Federal Reserve, even though he says he’s already made up his mind about his pick. The big reveal won’t happen until early 2026, giving everyone plenty of time to wonder who gets this important job.
Jerome Powell currently runs the Federal Reserve, but his time is up in May 2026. *Curiously*, Trump actually chose Powell for this role back in 2017 during his first presidency. However, things haven’t been smooth sailing between them lately. Trump thinks the Fed hasn’t been quick enough to lower interest rates, which affect everything from home loans to credit card bills.
Trump’s own 2017 Fed pick Powell now faces criticism for being too slow on interest rate cuts.
Kevin Hassett appears to be the favorite for the job. He works as Trump’s chief economic advisor and runs the White House National Economic Council. Trump has called him a “respected person” and even dropped hints about picking him during a White House event. Hassett has said he’d be willing to take on the challenge if asked.
But Hassett isn’t the only person in the running. Christopher Waller, who already serves on the Federal Reserve Board, is also being considered. Kevin Warsh, who used to work for the Fed, remains a possibility too. Treasury Secretary Scott Bessent has been busy interviewing candidates and narrowed down the original list of ten people to just five finalists. The delay suggests ongoing review and careful strategic planning behind the decision.
Scott Pruitt was apparently offered the position but turned it down, according to Trump. That leaves one mystery candidate still in the mix from the original shortlist.
The timing matters because whoever gets picked needs approval from the Senate before May 2026. *Strangely enough*, for Trump, Republicans control the Senate, which should make the confirmation process smoother than if the other party was in charge.
Trump’s choice reflects his concerns about high living costs that many Americans face. The Federal Reserve’s decisions on interest rates directly impact household costs through mortgage rates, credit card fees, and car loans. The new Fed chair will need to focus on policies that help make life more affordable for regular families while managing the country’s complex economic challenges. Financial markets are increasingly using machine learning tools to analyze and predict how Fed decisions will affect trading patterns and investment strategies.
