Trump says he will announce the next Federal Reserve Chairperson in early 2026
US President Trump said on Tuesday, December 02, that he would "likely announce" his chosen successor to the Federal Reserve (Fed) Chairperson in early 2026, to replace current Chairperson Powell. This highly anticipated appointment was originally expected to be announced earlier, but has now been postponed again.
According to AFP, Trump stated at a cabinet meeting: "We will announce who will become the new Federal Reserve Chairperson in early next year, probably in January or February." Trump reiterated that he had invited Treasury Secretary Scott Bessent to serve as the Federal Reserve Chairperson, but he "did not want to accept."
The final appointment of the Federal Reserve Chairperson still requires approval from the Senate, which is majority Republican.
Another important appointment delayed - White House originally expected to announce before Christmas
Trump's mention of "early 2026" means this key Federal Reserve personnel appointment will be delayed once again. Over the past few months, the White House has been evaluating multiple candidates and originally expected to announce the selection by the end of the year.
Treasury Secretary Bessent said last week during an interview with CNBC that "the president is likely to announce the selection before Christmas." Trump himself also told the media last Sunday that he had "already made a decision" on the person, but did not reveal more details.
Trump further explained on Tuesday: "We have probably selected ten candidates, and now only one remains in the final stage."
Hassett is considered the favorite candidate
Kevin Hassett, Trump's chief economic advisor, is currently seen as the most likely person to take over.
However, despite his loyalty to Trump being considered a major advantage, if Hassett is nominated, he still needs to prove to Congress and the financial markets that he will not allow inflation to spiral out of control and that he has the ability to maintain the independence of this most important American institution - especially considering that the institution has been publicly criticized by Trump in recent months.
Trump strongly dislikes Powell - term will end in May 2026
The current Federal Reserve Chairperson Powell's term will end in May 2026.
Trump has repeatedly expressed "deep regret" about appointing Powell, criticizing the Federal Reserve for keeping interest rates at what he considers "too high" levels. Trump has tried to speed up Powell's departure, repeatedly "insulting and blaming" the central bank leader he promoted during his previous term, but ultimately failed.
Source: rfi
Original article: toutiao.com/article/1850445294471303/
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