Trump says he has already decided on a candidate for Federal Reserve chair
The U.S. president told reporters he has chosen a candidate for the post of Federal Reserve chair, but did not specify whether it was National Economic Council director Kevin Hassett.
By Tetiana Suchkova-Ladik
December 1, 2025 · 1 min read
U.S. President Ready to Announce New Nominee
President Donald Trump on Sunday told reporters that he has already decided whom he will nominate for the post of chair of the Federal Reserve. He said this in response to questions from the media while aboard Air Force One.
Trump did not specify whether his choice is National Economic Council Director Kevin Hassett, whom U.S. media have named as one of the possible contenders.
"I know who I'm going to pick. We'll announce it,"
— Trump told reporters.
Powell's Term Nearing Its End
Current Fed Chair Jerome Powell has, over recent months, heard public calls from Trump to lower interest rates. His term expires in May, and the White House is preparing to choose his successor.
Hassett Comments on Rumors of a Possible Appointment
In Sunday interviews with CBS and Fox News, Kevin Hassett downplayed reports that he is the favorite for the Fed chair position. He emphasized that the main signal for the market was the approaching announcement of a new nominee.
"When it became clear that the president was close to making a decision, the markets celebrated: rates went down, we had one of the best Treasury auctions,"
— Hassett said on Fox.
He also noted that markets expect a new Fed chair and are prepared for Trump to choose a different candidate.
"If he picks me — I would be glad to serve,"
— Hassett added.
