As we approach the end of Jerome Powell's term in May 2026, the financial world is buzzing with speculation about who will lead the U.S. Federal Reserve next. This decision is critical, as the Fed Chair influences global interest rates, inflation, and overall economic stability. Here is an article summarizing the current frontrunners and the situation as of January 2026. The Race for the Next Fed Chair: Who Will Lead the Central Bank in 2026? Jerome Powell, who was first appointed by Donald Trump and later reappointed by Joe Biden, is nearing the end of his four-year term as Chair. With President Trump back in office, the focus has shifted toward candidates who align more closely with the administration’s economic vision.
The Top Frontrunners| Candidate | Current Role / Background | Why They Are in the Running |
| Kevin Warsh | Former Fed Governor & Morgan Stanley Exec | The Favorite. Prediction markets (Polymarket, Kalshi) give him over a 56% chance. He has deep Fed experience and market credibility. | | Rick Rieder | BlackRock’s Chief Investment Officer | The Gaining Momentum. Viewed as a pragmatic choice and potentially easier to confirm in the Senate. Trump recently described his interview as "impressive." | | Christopher Waller | Current Fed Governor | The Insider. Known for his analytical rigor, he provides a bridge between current Fed policy and the new administration's goals. | | Kevin Hassett | Director of National Economic Council | The Loyal Advisor. Long considered a top pick, though Trump recently suggested he might prefer to keep him in his current White House role. | Key Developments * Trump’s Secret Choice: President Trump recently hinted that he has already "picked the right person," though he has not yet officially named the successor. * The "Shadow" Transition: Treasury Secretary Scott Bessent has been leading the search, narrowing the field down to a shortlist of four people. * Powell’s Status: While Powell’s term as Chair ends in May 2026, his term as a member of the Board of Governors!
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