Trump announces his choice for the next Federal Reserve chair
- Last update: 12/01/2025
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President Donald Trump has revealed that he has made a decision regarding his choice for the next Federal Reserve chair, though the identity of the nominee remains a secret. Speaking to reporters on Sunday, Trump stated, I know who I am going to pick, yeah. When pressed for details, he added, Im not telling you. Well be announcing it.
The individual selected by Trump is expected to advocate for quicker and more aggressive interest rate cuts compared to the current Fed Chair, Jerome Powell, whose term ends in May. Over the past five months, Trump has repeatedly criticized Powell, claiming that the Fed has been too cautious in reducing rates and stimulating economic growth.
Kevin Hassett, director of the White House National Economic Council, is considered the leading candidate. On Sunday, Hassett downplayed speculation but told Fox News he would be willing to accept the role if asked. He also highlighted favorable market reactions to his potential appointment as proof that investors are not concerned about his proximity to the president undermining Fed independence. Once it became clear that the president's getting closer to make a decision, the markets really celebrated, interest rates went down, we had one of our best treasury auctions ever, Hassett said. The market expects that there's going to be a new person at the Fed, and they expect that President Trump's going to pick a new one. And if he picks me, I'd be happy to serve.
Last week, Treasury Secretary Scott Bessent indicated that Trump might announce the new chair before Christmas. Bessent is managing the interview process, with five potential candidates reportedly under consideration: Fed Governors Christopher Waller and Michelle Bowman, former Fed Governor Kevin Warsh, BlackRock executive Rick Rieder, and Hassett.
The Federal Reserve is scheduled to make its next decision on interest rates on December 10, the final meeting of the year. Officials will determine whether to implement a third rate cut in 2019 or maintain current levels. Complicating matters, the central bank is still dealing with disruptions caused by the government shutdown, which delayed key November data on inflation and employment until mid-December.
Analysis: Trump’s Fed Chair Decision and Market Implications
President Trump’s announcement that he has chosen a nominee for Federal Reserve chair, while withholding the name, signals a likely shift toward a more aggressive monetary policy. The expectation is that the new chair would advocate for faster interest rate cuts than current Chair Jerome Powell, whose term ends in May.
Kevin Hassett, White House National Economic Council director, appears to be the frontrunner. Hassett emphasized that market reactions to his potential appointment have been positive, reflecting investor confidence despite concerns over the Fed’s independence. Treasury Secretary Scott Bessent is managing the selection process, which includes five potential candidates.
The timing is significant. The Fed’s next interest rate decision on December 10 will occur amid delayed economic data due to the government shutdown, adding uncertainty. Markets are already pricing in expectations of a rate cut, and the announcement of a new chair could reinforce these trends.
Overall, the appointment is likely to influence both policy direction and investor sentiment in the short term, with markets closely watching for signals of a faster easing cycle under the new leadership.
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