Trump says he has chosen next Fed chair

Investing.com -- President Donald Trump said Tuesday he has identified his choice for the next Federal Reserve chair while expressing frustration about being unable to immediately remove current chair Jerome Powell.

"I think I already know my choice," Trump told reporters in the Oval Office, without revealing who his selection is. "I’d love to get the guy currently in there out right now, but people are holding me back."

Treasury Secretary Scott Bessent, who is leading the search process, has narrowed the candidates to Fed Governors Christopher Waller and Michelle Bowman, former Fed Governor Kevin Warsh, White House National Economic Council Director Kevin Hassett, and BlackRock Inc. executive Rick Rieder.

"We have some surprising names and we have some standard names that everybody’s talking about," Trump said. "And we may go the standard way. It’s nice to every once in a while go politically correct."

Bessent plans to present formal recommendations to Trump after the Thanksgiving holiday. The president has publicly praised various candidates but has not indicated a clear preference for any particular individual.

Trump’s selection will replace Powell, whom the president has repeatedly criticized for being too slow to reduce interest rates. Powell’s term as chair concludes in May, though his term as a Fed governor continues until 2028.

The president reiterated his interest in Bessent taking the Fed position, but noted the Treasury secretary prefers to remain in his current role.

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