Overview
- President Donald Trump said he will probably name his choice to succeed Jerome Powell in early 2026, resetting the timeline.
- At a White House event, Trump praised Kevin Hassett as a respected “potential” Fed chair, signaling he is the leading contender.
- Trump reiterated he offered the role to Treasury Secretary Scott Bessent, who declined after suggesting last week a pre-Christmas announcement was likely.
- Any nominee will require approval from the Republican-led Senate, with Democrats’ recent opposition to Stephen Miran pointing to a combative confirmation process.
- Powell’s term ends in May, and any successor will face scrutiny over inflation policy and the Federal Reserve’s institutional independence.