U.S. Fed chief nominee to be announced next week, Trump says

President Trump said he intends to announce his nominee to replace Federal Reserve Chair Jerome Powell next week, and Powell is reported to be stepping aside in May.

President Donald Trump said he intends to announce his pick to replace Federal Reserve Chair Jerome Powell next week. Powell is reported to be stepping aside from the role in May. The Fed left its benchmark interest rate unchanged at 3.50%–3.75% after a two-day policy meeting and had cut rates three times in 2025. Trump has repeatedly called for substantially lower rates and has been publicly involved in the search for Powell's successor. Key facts: - Trump said he plans to announce his nominee next week, according to the article. - Jerome Powell is reported to be stepping down in May. - The Fed held its benchmark rate at 3.50%–3.75% after a recent meeting and cut rates three times in 2025. - The administration’s search has produced a four-person short list; the article names Rick Rieder, former Fed Governor Kevin Warsh and Fed Governor Christopher Waller as contenders. - White House economic adviser Kevin Hassett is described in the article as an early front-runner who is now seen as unlikely to be nominated. - The article reports that the president has sought to influence the Fed, including an attempt to remove a Fed governor now before the Supreme Court and a Justice Department inquiry into Powell over comments about building renovations. Summary: The choice will determine who leads the Federal Reserve after Powell’s planned May departure and could influence the bank’s approach to interest rates. The article reports Trump intends to announce his pick next week. The report also cites legal and investigative developments involving the Fed that observers have linked to the administration’s efforts to influence policy.