Trump Delays Fed Chair Announcement to Early 2026, Tightens Grip on Central Bank

Former President Donald TRUMP has pushed back the timeline for announcing his pick for Federal Reserve chair, now targeting early 2026 instead of the previously suggested year-end deadline. "We’ll be announcing somebody, probably early next year, for the new chairman of the Fed," Trump stated, signaling a strategic delay that allows him to consolidate influence over monetary policy.

The decision sidelines Treasury Secretary Scott Bessent’s earlier projection of a Christmas timeline. Trump’s team remains tight-lipped about the final selection, but the extended timeframe underscores his intent to reshape the central bank. Current Chair Jerome Powell, whom Trump called a "stubborn ox," faces mounting criticism over interest rate policy and Fed governance. Powell’s term expires in May, though he could remain on the board until 2028.

Behind the scenes, Trump’s administration is waging a legal battle to oust Fed Governor Lisa Cook and scrutinizing the Fed’s spending on facility upgrades. Kevin Hassett, former WHITE House economic advisor, has emerged as a leading contender to succeed Powell.