Trump to Announce Preferred Fed Chair Candidate Today

Donald Trump announced on Thursday, January 29, 2026, that he will reveal today the name of his preferred candidate to lead the U.S. Federal Reserve—a major decision eagerly awaited by financial markets. Speaking ahead of the premiere of a documentary about his wife Melania Trump, Trump confirmed he has selected “someone very good” for the role. Earlier the same day, he had indicated the announcement would come next week. During a cabinet meeting, he stated, “It will be someone I think will do a good job,” reiterating his view that current interest rates are “very high, unacceptably high.” He added he plans to make the announcement alongside Treasury Secretary Scott Bessent and Commerce Secretary Howard Latnik. Fed Chair Jerome Powell’s term ends in May. While Trump previously hinted at appointing economic advisor Kevin Hassett—praising his media-savvy talent to defend administration policies—other contenders include former and current Fed Board members Kevin Warsh and Christopher Waller, as well as Rick Rieder, BlackRock’s Chief Investment Officer for Global Fixed Income. The Fed held rates steady on Wednesday after cutting them three times in late 2025. Powell reaffirmed the Fed’s commitment to independence during his press conference, saying, “I believe the institution will not lose its independence. I truly hope this does not happen.”