President Trump stated on Thursday that he intends to announce his nominee to replace Federal Reserve Chair Jerome Powell next week, intensifying speculation over who will lead the U.S. central bank after Powell's term concludes in May. "We will be announcing the nominee for Federal Reserve Chair, and I believe it will be someone who can do the job well," Trump said during his first cabinet meeting of the year, reiterating his long-standing call for significantly lower interest rates. The Federal Reserve, having cut rates three times in 2025, concluded its two-day policy meeting on Wednesday by holding the benchmark interest rate steady in the 3.50%-3.75% range. Trump argued that rates should be lowered by two to three percentage points, a level historically associated with economic stagnation or recession. Data from the U.S. Commerce Department showed the economy grew at an annualized rate of 4.4% in the third quarter. Throughout the Trump administration's months-long formal search for Powell's successor, observers have noted the President's shifting favor among different candidates, even as he has increased efforts to influence Fed decision-making. The Fed's independence from political pressure is widely seen as crucial to its ability to control inflation. In recent months, Trump attempted to dismiss a Fed governor in a case now before the Supreme Court, and his Justice Department has launched a criminal investigation into Powell concerning comments about building renovations. The Fed Chair characterized this as a "pretext" to pressure him on monetary policy matters. The field of candidates to replace Powell has now narrowed to four individuals, all of whom share Trump's view that interest rates should be lowered. This alignment is, in fact, one of the explicit criteria the President has outlined for the role. Rick Rieder, Chief Investment Officer of Global Fixed Income at BlackRock, has recently emerged as a leading contender for Trump's nomination. Having never served in government or at the Fed, Rieder would bring a completely new face to an institution the President has accused of deep-seated political bias. Former Fed Governor Kevin Warsh is also considered a contender for the position. He has called for changes to the central bank's institutional framework and supports shrinking the Fed's balance sheet—an objective that appears at odds with Trump's preference for accommodative monetary policy. Trump nearly selected Warsh for the top Fed job in 2018 before ultimately choosing Powell, a decision the President has publicly and frequently lamented ever since. Fed Governor Christopher Waller is also in the running. He was one of two policymakers this week to dissent from the central bank's decision to hold rates steady. Waller was the first Fed official to articulate an economic rationale for lowering rates, arguing that tariffs do not cause inflation and that the economy needs support—positions that gained traction among his colleagues and helped solidify support for last year's rate cuts. White House economic adviser Kevin Hassett was an early favorite for the position but is now seen as an unlikely choice after Trump indicated a preference for him to remain in his current role. Hassett, an economist, is an outspoken supporter of many of the President's orthodox yet unconventional policies, including high tariffs and a crackdown on immigration.