President **Donald Trump is expected to choose the next Fed Chair to replace Jerome Powell when his term ends in May 2026. He’s narrowed his top contenders to two “Kevins” , Kevin Hassett and Kevin Warsh, with Trump publicly praising both.
MarketWatch
Who’s leading?
Kevin Hassett, currently Trump’s economic adviser and head of the National Economic Council, is widely considered the front-runner. Prediction markets and media reports place him at higher odds than Warsh and he’s long been Trump’s preferred candidate, partly because of his alignment with Trump’s pro-rate-cut views.
Reuters +1
Kevin Warsh, a former Fed governor with deep central bank experience ,has seen his odds surge recently, including notable support from major financial figures and markets. Many financial insiders like his resume and perceived independence, which could appeal to Senators during confirmation.
MarketWatch
What experts & politicians are saying:
Some lawmakers, e.g., Senator Elizabeth Warren ,criticize both candidates, especially Hassett, for potentially compromising Fed independence.
Markets worry that a Hassett appointment might push more aggressive rate cuts tied to Trump’s agenda.
Reuters
Fortune
When will we know?
Trump says he will announce his pick early next year (likely before January/February 2026). That appointment will then need Senate confirmation before the new chair officially takes over.
Bloomberg
Most likely Fed Chair pick: Kevin Hassett
But Kevin Warsh’s odds are rising fast and until Trump formally announces, nothing is final.
