Trump May Name Fed Chair by Year-End or 2026

President Trump said he may announce his pick to succeed Federal Reserve Chair Jerome Powell by the end of 2025 but indicated the decision could slip to early 2026; Powell’s term expires next May. Treasury Secretary Scott Bessent is leading the search and plans a second round of interviews after Thanksgiving, after which he aims to present a narrowed slate to the president. The White House has identified five finalists: Fed governors Christopher Waller and Michelle Bowman, former Fed governor Kevin Warsh, National Economic Council Director Kevin Hassett, and BlackRock executive Rick Rieder. The administration is moving quickly through the process, and some prediction markets and observers have shown early support for Hassett. Waller said his interview went well; the selection will determine leadership of the U.S. central bank as it approaches the end of Powell’s term.