US President Donald Trump is set to announce today his choice for the next chair of the Federal Reserve, a decision closely watched by global markets amid heightened sensitivity over interest rate policy.
Speaking to reporters late on Thursday evening, Trump said he would reveal the name of his nominee “tomorrow morning,” as he arrived at the premiere of a documentary dedicated to his wife, Melania Trump. He described the candidate as “someone very good,” without offering further details.
The announcement comes sooner than previously indicated. Just hours earlier, the US president had suggested that the decision would be made public next week, signalling a clear acceleration in the process.
Rates ‘Unbearably High,’ Trump Reiterates
During a Cabinet meeting earlier on Thursday, Trump repeated his long-standing criticism of current borrowing costs, saying interest rates are “very high, unbearably high,” and stressing that his nominee would be someone he believes “will do a good job.”
He also indicated that the announcement would be made in the presence of senior administration officials, referring to Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick.
Trump has said repeatedly in recent weeks that he has already made his decision and that it would be unveiled imminently.
End of Powell’s Term Approaches
The term of the current Fed chair, Jerome Powell, is due to expire in May, making the upcoming appointment a pivotal moment for US monetary policy direction.
Earlier this week, the Federal Reserve decided to leave interest rates unchanged, following three consecutive rate cuts at the end of 2025 by its monetary policy committee. The pause reinforced expectations that the next Fed chair will play a decisive role in shaping the balance between inflation control and economic growth.
With markets already finely tuned to any signal from the White House or the Fed, today’s announcement is expected to have immediate ripple effects across currencies, equities, and bond markets.