Trump Indicates He’s Chosen a Successor to Powell — And Markets React
On November 30, the U.S. President and a rather controversial personality, Donald Trump stated he’s made up his mind about who will take over leadership of the Federal Reserve — though he declined to reveal the name. Speaking to reporters aboard Air Force One en route to Washington, he stated simply, “I know who I am going to pick, yeah … We’ll be announcing it.”
Trump’s remarks come amid mounting pressure on the central bank to lower interest rates — something he has frequently directed to the current Fed chair Jerome Powell. For months, Trump has criticized Powell for not acting swiftly enough, signaling his preference for someone who will take a more aggressive stance on rate cuts.
The Apparent Replacement
According to sources familiar with the matter, his likely choice is Kevin Hassett — the White House National Economic Council Director and his Chief Economic Adviser. Though Hassett declined to confirm reports that he is the frontrunner, when questioned by the media, he pointed to the favorable market response linked to speculation about his nomination.
“We had a great Treasury auction, interest rates went down,” Hassett said, adding that “the American people could expect that a Fed under the president’s appointee may offer cheaper car loans and more accessible mortgages.”
Despite the close tie to Trump — a factor that critics fear could compromise the Fed’s independence — those backing Hassett note the ‘market movement‘ as a silent rebuttal to concerns about Hassett’s political influence. Indeed, the potential nomination has pushed the 10-year Treasury yield briefly below 4 percent, reflecting confidence that monetary policy could ease.
Fed Chair’s Contenders
Behind the scenes, Treasury Secretary Scott Bessent has overseen the selection process and reportedly plans to present Trump’s final pick before the Christmas holiday. Alongside Hassett, other contenders in the running include Fed governors Christopher Waller and Michelle Bowman, former governor Kevin Warsh, and BlackRock’s investment chief Rick Rieder. Trump has also floated the Secretary, Bessent himself for the role, though the Treasury Secretary has repeatedly declined any such consideration.
The nominee will still need Senate confirmation. If the candidate is new to the board, they will likely start a 14-year term in February 2026 — a standard tenure for any Federal governor. Powell’s current stint as chair concludes in May 2026, leaving the incoming chair to shape the Fed’s future policy direction.
With markets and investors watching closely, the final decision could completely change the perception, independence and trajectory of U.S. monetary policy just as global economic uncertainty deepens.
Helene Elliott is the senior reporter for News Raise. She covers Science news. She also has a keen interest in photojournalism. Helene holds a nomination for the prestigious Red Smith Award. She is married to author Dennis D’Agostino, a former publicist with the New York Mets.
