President Donald Trump has chosen his nominee to lead the United States Federal Reserve and will announce his decision early next year.
Trump teased his pick to lead the central bank during a Cabinet meeting on Tuesday after interviewing many applicants over the past few months.
The president said he narrowed the list to one person.
"I'd say that we probably looked at ten," the president said. "And we have it down to one."
Trump also said that Treasury Secretary Scott Bessent interviewed several people that he knew and "a lot of people were involved in the process."
Bessent himself does not want that job, the president confirmed.
Bessent previously named five finalists: White House economic adviser Kevin Hassett, former Fed Governor Kevin Warsh, current Fed Governor Christopher Waller, Fed Vice Chair for Supervision Michelle Bowman, and BlackRock executive Rick Rieder.
Hassett, 63, has been considered a favorite for the position.
Trump, over the weekend, hinted that Hassett would be tapped for the role.
"I guess a potential Fed chair is here too. Am I allowed to say that? Potential. He's a respected person, that I can tell you. Thank you, Kevin," Trump said during an event at the White House on Tuesday.
Hassett chaired the White House's Council of Economic Advisers during Trump's first term.
The new Federal Reserve chair would replace Jerome Powell, who has been at odds with the president for not lowering interest rates more quickly. Trump has criticized Powell since before taking office in January, describing him as incompetent and questioning his leadership at the Fed.
The new Fed Chair must make critical monetary policy decisions based on the 2026 economic outlook that includes resilient growth and persistent inflation.
"Regardless of who leads the Fed ... monetary policy is determined by economic conditions," according to James Egelhof, chief U.S. economist for BNP Paribas.
Next year’s growth would allow for just one rate cut next year following the one anticipated at the U.S. central bank's Dec. 9-10 meeting.
The Fed Reserve chair serves a four-year term.
Powell first took office in February 2018 and was reappointed to the office for a second term in May 2022.
His current term ends May 2026.
Trump must first formally nominate his pick for the position, who is then confirmed by the Senate.