Overview

• President Trump says he has “three or four” finalists and could name a Fed chair successor by September or October, nearly eight months before Powell’s term ends in May 2026.
• Contenders under consideration include former Fed governor Kevin Warsh, economic adviser Kevin Hassett, Treasury Secretary Scott Bessent, former World Bank head David Malpass and Fed governor Christopher Waller.
• Jerome Powell has defended the Fed’s data-driven policy, insisting officials will await clear evidence of tariff-driven inflation before cutting rates.
• Markets reacted to reports of an early nomination with lower Treasury yields and a weaker dollar as investors bet on more aggressive rate cuts under a new chair.
• Chicago Fed President Austan Goolsbee told CNBC that naming a successor now would have no impact on monetary policy decisions while Powell remains chair.