Washington — The Trump administration is considering a bold approach to picking the next Fed Chair, suggesting it may fill the vacancy that opens in early 2026 — then elevate that person to lead the central bank when Jerome Powell’s term ends.
Treasury Secretary Scott Bessent revealed the strategy: Governor Adriana Kugler’s seat on the Fed board is due to open in January, and the administration is weighing the option of appointing a full-term governor at that time who might later become Chair in May 2026. Powell’s own term as Chair ends in late May, while his board seat stretches to January 2028.
Some inside Washington see this as a calculated move. Rather than waiting until May to nominate a new Chair, the administration could use the January vacancy as a stepping stone — giving the nominee time to position themselves before formally taking the top role.
Among those under consideration are current Fed governor Christopher Waller, economic adviser Kevin Hassett, and former Fed Governor Kevin Warsh. Waller has signaled interest in pushing interest rate cuts once the Fed meets again.
Meanwhile, President Trump has publicly stated he won’t back a nominee who isn’t aligned with his desire for rate cuts — making ideological alignment a key factor in the selection.
If the plan proceeds, it would mark a significant shift in how Fed leadership transitions are handled — blending political strategy with institutional timing, and emphasizing the central role the Fed plays not just for the U.S. economy but for global markets watching every move.
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