President Trump will announce his pick to replace Fed Chair Jerome Powell in early 2026, setting the stage for a potential shift in U.S. monetary policy and a new era of economic leadership.
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“We’ll be announcing somebody, probably early next year, for the new chairman of the Fed,” Trump said at a White House Cabinet meeting on Tuesday. On Sunday, Trump told reporters that he had already decided on who he would select.
Hassett Favored as Trump’s Pick for Fed Chair
Powell, whose term ends in May 2026, has faced heavy scrutiny from Trump for delaying interest rate cuts. Trump has repeatedly referred to Powell as “Too Late Powell” and characterized him as a “stubborn ox” on Tuesday.
Betting markets strongly favor National Economic Council Director Kevin Hassett as Trump’s pick, with Polymarket giving him a 66% chance of being selected. Hassett is viewed as having a dovish stance on monetary policy and could possibly accelerate the speed of rate cuts.
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