Trump sets timeframe to announce candidate to succeed Jerome Powell

President Donald Trump said Tuesday that he could soon publicly release the name of the candidate he will propose to succeed Jerome Powell, with whom he shares a history of criticism and mutual disagreements, at the head of the Federal Reserve (Fed).

After meeting with his cabinet, Trump stated that the announcement will "probably" occur early next year.

In addition, the president reported that he proposed the idea of chairing the Fed to Scott Bessent, but the Treasury secretary rejected the offer.

"We'll be announcing somebody probably early next year for the new chairman of the Fed," Trump maintained Tuesday.

The verbal disagreements between Trump and Powell date back a long time. That bad relationship derives mainly from the situation regarding interest rates, with the president continuously demanding a cut and the central bank chairman denying it.

For several months now, Trump has been working to find Powell's successor to reverse the course set by the current Fed chairman. The chosen candidate will have to be validated by the Senate.

Given Bessent's refusal to hold the post, Kevin Hassett, the Trump administration's top economic advisor, is emerging as the favorite to chair the central bank, AFP reported. Powell's term ends in May.