President Trump says the guessing game over who will lead the Federal Reserve next is just about over. At the Thursday night premiere of Melania, the documentary about the first lady, Trump told reporters he'll reveal his choice for Fed chair Friday morning, ending a monthslong search to replace Jerome Powell, CNBC reports. Asked if he had actually landed on a name, Trump replied, "I do, I better, otherwise I have to go to work very quickly." Sources tell CNN he's expected to announce former Fed governor Kevin Warsh as his pick.
The process began in September with an 11-person field that included current and former Fed officials, economists, and Wall Street figures, according to CNBC. Treasury Secretary Scott Bessent oversaw the vetting, trimming the list to what is believed to be the final four: Warsh, National Economic Council director Kevin Hassett, current Fed governor Christopher Waller, and Rick Rieder, BlackRock's fixed-income chief investment officer.
Prediction markets have swung sharply as speculation has mounted over who will win out. Hassett and then Rieder held the edge earlier, but by Thursday night platform Kalshi was giving Warsh an 80% chance of getting the nod. CNBC reports Warsh was seen at the White House on Thursday. Powell, whose term as chair ends in May, declined to say whether he'll stay on for the remaining two years of his governor's term. Earlier Thursday, Trump was once again slamming Powell on social media, Politico reports. "Jerome 'Too Late' Powell again refused to cut interest rates, even though he has absolutely no reason to keep them so high," he wrote.
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