White House says pick to replace Fed’s Powell not ‘imminent’

The White House denied on June 26 that President Donald Trump is close to announcing a replacement for Fed Chair Jerome Powell.

“No decisions are imminent, although the President has the right to change his mind. The President has many good options to nominate as the next Federal Reserve chairman,” a White House official said.

Powell's term as Chair of the US Central Bank ends in May 2026, but the process of selecting his successor could begin earlier than usual, with a decision expected this summer or fall.

However, a report published by The Wall Street Journal on June 25 evening stated that Donald Trump has considered naming a successor by September or October.

The newspaper added that Trump’s dissatisfaction with Powell could lead him to make an earlier announcement this summer.

On June 26, during an event at the White House, Trump remarked that it would be “helpful” to have someone at the Federal Reserve who could lower interest rates “a little.”