President Donald J. Trump announced during a White House press conference on January 29, 2026, that he will reveal his pick to replace Federal Reserve Chairman Jerome Powell next week, signaling a potential major shift at the central bank as Powell’s term expires in May of this year. Trump has long criticized Powell and the Fed’s policies, and the forthcoming appointment is expected to prioritize a candidate aligned with “America First” economic principles, including lower interest rates, deregulation, and policies aimed at boosting growth.

Trump made the statement while answering questions on the economy, inflation, and monetary policy, saying simply: “I’ll be announcing my pick for the new Fed chair next week.” Powell, originally appointed by Trump in 2017 and reappointed by Biden in 2021, has overseen the Fed through post-COVID inflation surges, aggressive rate hikes in 2022–2023, and easing in late 2025. Though his chairmanship ends in May 2026, he could remain on the Board of Governors until 2028. Trump has repeatedly blamed Powell for high interest rates that he argues hurt housing, small businesses, and the stock market, despite recent policy pivots.

Speculation about potential replacements has intensified following Trump’s announcement. According to political insiders, conservative economists, and financial media, the shortlist includes:

  • Kevin Warsh (former Fed Governor) — Viewed as a frontrunner, Warsh has experience from the 2008 financial crisis, favors a smaller Fed balance sheet, more transparency, and is closely connected to Trump advisers. Prediction markets have often pegged him as the leading contender.
  • Kevin Hassett (current National Economic Council Director) — Was an early favorite, though Trump has expressed a desire to retain Hassett in his White House economic role, reducing his odds for the Fed post.
  • Rick Rieder (BlackRock CIO for global fixed income) — Frequently cited in media and betting markets as a top candidate.
  • Christopher Waller (sitting Fed Governor) — The only current Fed Board member under consideration; viewed as steady but less aligned with Trump’s push for aggressive rate cuts.
  • Judy Shelton — Former Trump Fed nominee and long-time ally, Shelton advocates a gold standard, lower rates, and minimal Fed intervention. Her loyalty and policy alignment make her a frontrunner in conservative circles.
  • Stephen Moore — Conservative economist and Club for Growth co-founder, Moore has long advocated aggressive rate cuts and criticized the Fed’s handling of inflation.
  • Jim Rickards — Currency and gold expert, Rickards favors “sound money” policies and a reduced Fed role in the economy.

President Trump has emphasized he wants a chair who will prioritize lower rates to stimulate growth, housing, and manufacturing while remaining skeptical of the Fed’s independence and past inflation management. The nominee will require Senate confirmation, making political calculus critical: Trump will likely select someone capable of securing enough Republican support, and potentially some Democratic votes, in the narrowly divided chamber.