Trump to name new Fed chair soon: Here are the candidates

The timeline for when President Trump will name a new Federal Reserve chair is uncertain.

Jerome Powell, the current chair, will end his term in May 2026, and Trump is reportedly preparing to announce a successor soon, according to U.S. Treasury Secretary Scott Bessent.

On Nov. 25, Bessent said, “there’s a very good chance that the president will make an announcement before Christmas.”

Five days later, Trump said he made his pick. By Dec. 2, the New York Times reported that Trump said his announcement could come “early next year.”

Bitcoin, meanwhile, continues to demonstrate historical correlation with Federal Reserve interest rate policies, with prices typically declining during rate increases and rising during rate cuts.

And according to a 60 Minutes interview with Trump on Nov. 2, crypto is the president’s primary concern.

“I only care about one thing — will crypto be number one in America?” Trump said. “Because in crypto it’s the kind of industry where basically you’re going to have number one and you’re not gonna have a number two.”

Either way, crypto bulls are likely waiting with bated breath. A new Fed chair nominee could signal a shift toward more favorable monetary policy.

Historically, lower interest rates have boosted crypto prices by increasing market liquidity and reducing borrowing costs. With Powell’s term ending, a new nominee could reduce policy uncertainty and potentially advocate for rate cuts, which are typically bullish for cryptocurrencies.

Additionally, Trump’s past support for crypto suggests the new chair might create a more favorable regulatory environment for digital assets. Still, crypto regulations in 2025 have been extremely friendly and yet, Bitcoin is in the red. See below.

Who are the finalists?

Kevin Hassett, Director of the United States National Economic Council, has been identified as a leading candidate for the Fed chair position. Hassett previously served on the White House Economic Council and has been characterized by some media outlets as having favorable views toward cryptocurrency, though his potential policy direction as Fed chair remains uncertain.

Another candidate is Fed Governor Christopher Waller, who is known for his hawkish monetary policy stance and inflation control focus.

Vice Chair of the Federal Reserve Michelle Bowman and BlackRock executive Rick Rieder are also candidates.

What’s next?

A 25-basis-point rate cut is expected at the Dec. 10 Fed meeting, but analysts warn the real market drivers will be the Fed’s economic projections and Powell’s remarks.

While the cut is widely anticipated, risks of a “hawkish cut” loom, with potential dissents from hawkish officials. The Fed may be nearing the end of its easing cycle, pivoting to a slower, more cautious approach.

Market volatility is expected due to growing disagreements within the Fed, weaker guidance, and uncertainty about future policy moves.