Trump Narrows Fed Chair Search to Final Candidate, Signals Decision Imminent

President Donald Trump indicated Wednesday (January 21, 2026) that his selection process for a new Federal Reserve chair is nearing completion, with only one candidate remaining in contention "in my mind," despite not disclosing the individual's name. Speaking at the World Economic Forum in Davos, Switzerland, Trump said the list of potential successors to Jerome Powell—initially 11 names—has been reduced to two finalists. He praised Rick Rieder, BlackRock’s fixed-income chief and the last interviewee, as “impressive,” while noting Kevin Warsh, Christopher Waller, and Kevin Hassett were among the leading contenders. Trump confirmed Hassett will remain as head of the National Economic Council, effectively removing him from consideration. Treasury Secretary Scott Bessent, who led the interview process, has expressed no interest in replacing Powell, Trump said. The current Fed chair’s removal appears likely, though it remains unclear whether Powell will stay on the Board of Governors through his term ending in 2028. Trump reiterated criticism of Powell’s performance, saying, “I don’t think he’d be happy staying,” and dismissed the Fed’s $2.5 billion headquarters renovation as wasteful, claiming he could complete it for $25 million.