“Probably, we will announce who may become the new Fed chair at the beginning of next year,” said Trump during a meeting with his administration, reiterating that he had offered the position to his Treasury Secretary, Scott Bessent, who declined.
The nominee from Donald Trump will need approval from the Republican-majority Senate.
On Sunday, aboard Air Force One on his return to Washington from Florida, Donald Trump stated he has already decided on Jerome Powell’s successor, whose term ends in May and whom the President has frequently criticized.
“I know who I will choose, yes,” said the President, refusing to deny when a reporter asked if it would be Kevin Hassett, the chief economic adviser of the White House.
Powell’s term concludes in May 2026, following his appointment to lead the central bank by Trump in 2018, and his reappointment by Democratic President Joe Biden.
The Federal Open Market Committee of the Federal Reserve is preparing its last meeting of the year on December 9.
In October, Powell noted that another interest rate cut was unlikely due to a lack of consensus within the Fed, fears of a return to high inflation, and the absence of new data resulting from the 40-day government shutdown that ended on November 12.
On November 19, Donald Trump reiterated for the second time in two days his desire to nominate Treasury Department Secretary Scott Bessent as the Federal Reserve Chairman.
However, Bessent continues to express that he does not want the position, Trump added during a Saudi-American economic forum.
“We are considering him for the Fed, but he doesn’t want it. He likes being the Treasury Secretary,” said Trump.
Two out of five candidates named by Bessent are current Fed officials: Governor Christopher Waller and Governor Michelle Bowman. The others include Kevin Hassett, Trump’s economic adviser, Kevin Warsh, a former Fed governor, and Rick Rieder, an executive at investment firm BlackRock.
