Trump Sets Stage for Fed Chair Replacement Amid Rate Cut Critique

January 29, 2026 — President Donald Trump said he intends to announce his pick to replace Federal Reserve Chair Jerome Powell next week, ending weeks of speculation over who will lead the U.S. central bank after Powell’s term expires in May.

“And it will be a person that will, I think, do a good job,” he stated. “We’re paying far too much interest in the Fed. The Fed rates too high, unacceptably high. We should have the lowest interest rate anywhere in the world.”

Prior to the meeting, Trump again criticized Powell on Truth Social, accusing him of failing to cut interest rates and arguing that current policy is harming the U.S. economy and national security.

Trump called Powell “politically biased” during a White House Cabinet meeting.

Trump said last week he was down to one candidate and that it wasn’t likely to be White House economic adviser Kevin Hassett.

“I’d like to actually keep him where he is if you want to know the truth,” Trump added. “I don’t want to lose him. He’s so good on television.”

The president noted that BlackRock’s chief bond investment manager, Rick Rieder, had been “very impressive” in his interview. The other two candidates named by Trump and his top aides are Fed Governor Christopher Waller and former Fed Governor Kevin Warsh.