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

Speaking during his first cabinet meeting of the year, Trump said, “We're going to be announcing the head of the Fed...and it'll be a person that will, I think, do a good job.” He also reiterated his criticism of the independent body, arguing that interest rates remain too high.

According to Reuters, former Fed Governor Kevin Warsh is widely seen as the front-runner for the role, having recently met with Trump at the White House. Other candidates reportedly under consideration include Rick Rieder, BlackRock’s chief investment officer for global fixed income; Fed Governor Christopher Waller; and Kevin Hassett, former director of the National Economic Council.

Powell’s chair term formally ends in May 2026, though he could remain on the Federal Reserve Board until 2028. Trump’s nominee will require Senate confirmation to take over as chair, highlighting the procedural steps ahead in the central bank transition.