Trump Moves Up Fed Chair Pick to Friday After Bitter Clashes With Powell on Interest Rates

President Donald Trump said Thursday he will announce his nominee to lead the Federal Reserve on Friday morning, moving to replace Chair Jerome Powell after months of friction over Powell's reluctance to lower interest rates.

"I'll be announcing the Fed chair tomorrow morning," Trump said during remarks at the Kennedy Center, where he was attending a performance and donor event tied to the center's upcoming programming and fundraising efforts.

Trump had said earlier he intended to name Powell's replacement next week, but offered no explanation for moving up the announcement.

"And it will be a person that will, I think, do a good job. We're paying far too much interest in the Fed. The Fed rates too high, unacceptably high. We should have the lowest interest rate anywhere in the world," Trump said earlier.

While the White House has not formally identified a frontrunner, Trump has publicly signaled that some candidates have emerged as leading contenders. Trump said last week he had narrowed his choice to one candidate and indicated it was unlikely to be White House economic adviser Kevin Hassett.

"I'd like to actually keep him where he is, if you want to know the truth. I don't want to lose him. He's so good on television," Trump said of Hassett.

Trump has spoken positively about BlackRock chief bond investment manager Rick Rieder, saying he was "very impressive" in an interview, and has also named current Fed Governor Christopher Waller and former Fed Governor Kevin Warsh as finalists, according to comments Trump and his top aides have made in recent days.

Trump first nominated Powell to lead the Federal Reserve in 2017, but the two later clashed repeatedly during Trump's first term over interest rate policy and the Fed's independence. Trump has accused Powell of keeping rates too high and slowing economic growth, while Powell has maintained that monetary policy decisions are guided by inflation and employment data, not political pressure.

Ahead of a White House Cabinet meeting, Trump again criticized Powell on Truth Social, accusing him of failing to cut interest rates and arguing that current policy is harming the U.S. economy and national security. During the Cabinet meeting, Trump called Powell "politically biased."

Powell has declined to say what his plans are once his term as chair ends in May 2026 and has not indicated whether he would remain at the Federal Reserve in another capacity if not reappointed. In recent public appearances, Powell has said only that he intends to serve out his current term.