Trump says he’s chosen next Fed chair as affordability pressures rise

Treasury Secretary Scott Bessent sent shortlist to president after interviewing five candidates

Amanda Macias / FOXBusiness  

President Donald Trump said over the weekend that he has chosen the next Federal Reserve chair, a decision unfolding as affordability pressures continue to mount.

"I know who I am going to pick, yeah. We’ll be announcing it," Trump told reporters on Sunday evening. 

Likely frontrunners include Trump's top economic advisor Kevin Hassett, current Federal Reserve Board Governor Christopher Waller and ex-Fed board governor Kevin Warsh. Hassett told "Fox & Friends Weekend" that he would be "happy to serve" if tapped to succeed Federal Reserve Chairman Jerome Powell. 

Powell, who was appointed by Trump in 2017, is slated to complete his term in May 2026. 

The looming appointment comes as persistently high living costs test his administration's economic agenda. 

The Fed plays a central role in affordability by setting interest rates that influence mortgage costs, credit card rates, car loans and, ultimately, the pace of inflation. Read more and see video here.