Trump Has Decided Who He Wants to Be the Next Chair of the Federal Reserve

UPDATE: It's been announced: Kevin Warsh.

🚨 BREAKING: TRUMP NOMINATES KEVIN WARSH TO BE THE CHAIRMAN OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM pic.twitter.com/hGAjEbx3EK
— Breaking911 (@Breaking911) January 30, 2026

***Original Post***

The president mentioned it at yesterday’s cabinet meeting, but he repeated it at the premiere of the Melania documentary at the Trump-Kennedy Center last night. The president said a new nominee for Federal Reserve chairman will be announced on Friday. It comes after incumbent Jerome Powell once again failed to cut the rates, which continued to hamstring the economy. Powell, a classic Panican, is still reluctant to cut the rates over Trump’s tariff policy. The man must go, but Trump can’t fire him. He’s due to exit in May. So, who’s it going to be?

🚨SCOOP: Trump met 2day with his two finalists for Fed Reserve chair -- and is leaning toward KEVIN WARSH to replace Jerome Powell, I'm told.

Nothing is official I'm told. But 1 source close to Trump says Warsh basically has the wink & the nod.

KEVIN HASSETT is out. RICK…
— Rachael Bade (@rachaelmbade) January 29, 2026

Breaking: TRUMP to announce the Fed chair tomorrow morning pic.twitter.com/stWziOdQt9
— Jennifer Jacobs (@JenniferJJacobs) January 30, 2026

Word on the street is that Kevin Hassett, director of the National Economic Council, is out. Rachael Bade has more:

President DONALD TRUMP has narrowed his choice for the next Federal Reserve chair to two candidates and has signaled to allies that he’s likely to choose KEVIN WARSH to replace JEROME POWELL, according to two sources familiar with the discussions.
No official offer has been given, I’m told. But the president has ruled out naming White House economic adviser KEVIN HASSETT for the job, these people said. And today he met at the White House with both Warsh as a well as Wall Street veteran and BlackRock executive RICK RIEDER, Trump’s other finalist, one administration official said.
The discussions come as the president indicated today that after weeks of interviews — and tons of Wall Street speculation — he’ll formally announce his decision next week.
“We’re gonna be announcing the head of the Fed — who that will be,” Trump told reporters during today’s Cabinet meeting. “It will be a person that will, I think, do a good job.”
One of the people close with the president said Warsh essentially has the wink and the nod — though, again, I’m told nothing is official yet. And who knows if the president decides to go in another direction before next week.
“He could always change his mind,” the administration official told me.
The White House declined to comment.