The president is keeping the name secret for now.
President Donald Trump said on Jan. 22 that he will soon announce his choice to lead the Federal Reserve after repeatedly criticizing outgoing Fed Chairman Jerome Powell for keeping interest rates too high, and signaling he wants a new central bank chief who will move faster to cut rates.
While speaking to reporters aboard Air Force One, Trump declined to name his pick, but said the person was widely known and respected.
“I will be telling you soon,” Trump said when asked who he would choose as the next Fed chair. “I have somebody that I think will be very good, but I’m not going to reveal it.”
Pressed on whether the nominee would come from Wall Street, Trump offered few details while highlighting the candidate’s reputation.
“Somebody that’s very respected, very well known, and will do, I think, a very good job,” he said.
Trump’s comments came a day after he suggested he was narrowing his decision following interviews and discussions with potential candidates.
During an interview with CNBC on Jan. 21, Trump discussed three contenders for the role whom he and his advisers have named publicly: BlackRock chief bond investment manager Rick Rieder, Federal Reserve Governor Christopher Waller, and former Fed governor Kevin Warsh.
“I’d say we’re down to three [candidates],“ Trump said. ”And I probably can tell you we’re down to maybe one in my mind.”
He also said he wanted White House economic adviser Kevin Hassett to remain in his current role rather than taking the Fed post.
“I like actually keeping [Hassett] where he is, you want to know the truth. I don’t want to lose him. He’s so good on television,” Trump said.
Treasury Secretary Scott Bessent said on Jan. 20 that Trump’s field of candidates had been narrowed to four. Trump told CNBC that Bessent—who has been mentioned as a possible Fed chair contender—wanted to remain at the Treasury Department.
“He’s fantastic. But Scott only wants to stay where he is,” Trump said.
Trump said Rieder had made a strong impression during his interview.
“Rick is very good. They’re all good. You know, all three are good,” Trump said.
Powell’s four-year term as Fed chair ends in May, though his term as a Fed governor runs through January 2028.
By Tom Ozimek
