- Carlos Barria/Reuters; Composite by Bob Bryan/Business Insider
- President Donald Trump said in an Instagram video that he will announce his pick for the next Federal Reserve chair next week. Trump said he has “somebody very specific in mind” for the role and “everybody will be impressed” by the choice.
President Donald Trump said that he will announce his choice to chair the Federal Reserve next week, ending weeks of speculation on the choice. Chair Janet Yellen’s term is set to expire in February.
“People are anxiously awaiting my decision as to who the next head of the Fed will be,” Trump said in the weekly White House address. “I’ll be announcing it sometime next week. It will be a person who – hopefully – will do a fantastic job. I have somebody very specific in mind, I think everybody will be impressed, but most importantly at the end of eight years you will really be impressed.”
Trump then went on to tout the economic strength of the country in the post.
The list of Fed chair candidates was whittled down to five, but over the past week two frontrunners have emerged: Fed governor Jerome Powell and Stanford economist John Taylor. Other candidates that were thought to be in the final few were Yellen, and former Federal Reserve official Kevin Warsh. Top economic adviser Gary Cohn is no longer considered a candidate, reports said this week.
You can watch Trump’s comments below: