Trump calls Fed Chair Powell ‘politically biased’; to announce his Fed chair pick next week

US President Donald Trump announced that he plans to reveal his choice to succeed Jerome Powell as chair of the Federal Reserve next week. This will conclude weeks of speculation regarding who will lead the US central bank when Powell’s term expires in May 2026. Trump, who appointed Powell during his previous term, has frequently criticized him for not agreeing to cut interest rates more aggressively. As a result, the relationship between the president and the Fed chair has often been strained.