President Trump stated that the process of finding a replacement for Jerome Powell (whose term ends in May 2026) has reached a conclusion. The list of 10 candidates has now been narrowed down to one, expected to be officially announced early next year.
Mr. Kevin Hassett, the head of the National Economic Council (NEC), is currently the most likely candidate. Previously, Treasury Secretary Scott Bessent declined this position.
The decision to change personnel comes amid Mr. Trump's frequent criticism of Mr. Powell regarding interest rate policy.
The analysis warns that if a close ally like Mr. Hassett comes to power, the Fed could lose its independence and be directly influenced by the White House.