President Donald Trump said he knows who he will nominate to replace Jerome Powell as chairman of the Federal Reserve. 

During a press briefing on Air Force One, Trump was asked if he was “any closer” to naming someone for the position.

“I know who I’m going to pick,” said Trump.

“Is it Kevin Hassett?” a reporter asked.

Trump grinned and then answered coyly, “I’m not telling you. We’ll be announcing it.” 

Powell has served as Chair of the Federal Reserve since February 2018. Trump nominated him during his first term in November 2017. The two had a falling out shortly after Powell began his term, following his decision to raise interest rates in 2018. After Trump’s second term began in January 2025, tensions with Powell resumed, again over interest rates. This has led to speculation that Trump would seek to replace Powell. However, due to legal restraints, Trump is unable to do so. Powell’s current term ends in May 2026. 

It is believed that Trump has narrowed down his choice for the nomination to five people: Hassett, currently the director of the National Economic Council; Chris Waller and Michelle Bowman, members of the Board of Governors of the Federal Reserve; Kevin Warsh, a former Fed governor; and Rick Rieder, head of fixed income at BlackRock. 

Hassett has been widely speculated as being Trump’s preferred choice to replace Powell. Treasury Secretary Scott Bessent is reportedly vetting candidates, and an announcement could happen before Christmas, according to reports. Trump has previously expressed a desire to “get his guy” in as Fed chair before Powell’s term ends.

“I’d love to get the guy currently in there out right now,” Trump said. “But people are holding me back. He’s done a terrible job, hurting housing a little bit.”

“The truth is, we’ve been so successful, we’ve blown past his interest rate stupidity,” Trump said. “He’s been wrong. That’s why I call him ‘too late.’ He’s too late, Jerome ‘too late’ Powell.”

“He’s a fool,” Trump added. “He’s a stupid man.”