Donald Trump says will announce Powell’s replacement for Fed chair on Friday morning

On Thursday, President Donald Trump said that he will announce his choice for the new Federal Reserve chair on Friday.Speaking at the screening of the movie “Melania,” which is about first lady Melania Trump, the president declared that the five-month search for his choice to replace current Chair Jerome Powell was almost over.
“I’ll be announcing the Fed chair tomorrow morning,” Trump said. Asked if he had actually settled on a choice, he replied, “I do, I better, otherwise I have to go to work very quickly.”
Read Also: Oil steadies post a three-day rally as traders gauge Iran risksThe selection of Powell’s successor started in September with a pool of eleven candidates that included Wall Street investment experts, economists, and former and current Fed officials. After screening the eligible applicants, Treasury Secretary Scott Bessent reduced the list to five and then four.

Current Fed Governor Christopher Waller, former Fed Governor Kevin Warsh, National Economic Council Director Kevin Hassett, and BlackRock Chief Investment Officer for Fixed Income Rick Rieder are thought to be the final four.

On who will be hired, prediction markets have begun placing bets. For a while, Hassett had been in charge, followed by Warsh and Rieder for the last few days. That changed on Thursday night, though, as Warsh is suddenly a commanding 80% favourite according to Kalshi.

Jerome Powell’s contentious term as the US Fed chair expires on May 15. However, his position in the US Federal Reserve will remain in place for the next two years until 2028. Whether Donald Trump introduces any form of legal challenger to it, or whether Powell will quit the central banking system is something that remains to be seen.