Trump to Announce Fed Chair Pick Next Week; BlackRock’s Rieder Favored

President Donald Trump will announce his nominee for Federal Reserve chair next week, signaling a potential policy shift as markets favor BlackRock’s Rick Rieder, who supports rate cuts. Speaking at a White House cabinet meeting on January 29, 2026, Trump criticized current Chair Jerome Powell and confirmed the nomination will be revealed “sometime next week.” Prediction markets show Rieder leading: Polymarket gives him a 42% probability (vs. Kevin Warsh at 29%), while Kalshi shows 39% (Warsh at 30%). Other contenders include NEC Director Hassett and Fed Governor Waller. Rieder, Chief Investment Officer of Global Fixed Income at BlackRock, recently told CNBC the Fed should cut rates to 3%, calling it “closer to economic equilibrium.” His dovish stance aligns with Trump’s public demands for lower rates — currently held at 3.5%-3.75% after the Fed’s latest hold decision.