President Donald Trump said he plans to announce his selection to lead the Federal Reserve in early 2026 and teased National Economic Council Director Kevin Hassett as his possible choice on Tuesday, fuelling further speculation about the next leader of the US central bank.

“We’ll be announcing somebody, probably early next year, for the new chairman of the Fed,” Trump said during a Cabinet meeting at the White House.

Hassett is seen as the likely choice to succeed Powell, people familiar with the matter told Bloomberg News last week, and Trump nodded to that position at a separate event shortly after the Cabinet meeting on Tuesday.

“I guess a potential Fed chair is here too,” Trump said. “I don’t know who is allowed to say that — potential. He’s a respected person that I can tell you.

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