Powell has less than a year remaining in his term as Fed chair, which is due to expire in May 2026. President Donald Trump, who nominated Powell to the role in 2017, has signaled he won't nominate the chair for another term and recently gave Powell the derisive nickname of "Mr. Too Late" amid his efforts to lobby the Fed to cut interest rates.
Trump has suggested he could name Powell's successor in the near future, well in advance of the end of Powell's term as chair, and has reportedly developed a short list of contenders in mind.
Treasury Secretary Scott Bessent is one of the leading contenders for the role of Fed chair, Bloomberg News reported, citing people familiar with the matter, though the outlet noted the administration hasn't started formal interviews.
Bloomberg reported that former Fed official Kevin Warsh, who Trump considered for the treasury secretary role before opting to nominate Bessent, is also on the short list for the Fed chair role.
