Trump says he has picked the next Fed chair as affordability issues persist

President Donald Trump said over the weekend that he has chosen the next head of the Federal Reserve, a decision that is unfolding as pressures on affordability continue to mount.

“I know who I’m going to choose, yes. We’ll announce it,” Trump told reporters on Sunday evening.

Hopes are eyeing Powell’s job to ramp up pressure amid Trump’s rift

Possible candidates include Trump’s chief economic adviser Kevin Hassett, current Federal Reserve Governor Christopher Waller, and former Federal Reserve Governor Kevin Warsh.

Hassett told Fox & Friends Weekend that he would be “happy to serve” if tapped to succeed Fed chief Jerome Powell.

Powell, who was appointed by Trump in 2017, is scheduled to complete his term in May 2026.

The impending appointment comes as rising costs of living continually test his administration’s economic agenda.

The Fed plays a central role in affordability by setting interest rates that affect mortgage costs, credit card rates, auto loans, and, ultimately, the pace of inflation.

As the holidays approach, Thanksgiving becomes Trump’s economic test

Trump, who campaigned on restoring affordability and easing financial pressures on families, now faces growing doubts among voters about whether that promise has been fulfilled.

Democrats have increasingly relied on affordability themes in state and local elections this fall and it has paid off.

election victory"/>

New York City Mayor-elect Zahran Mamdani has put affordability at the center of his campaign to lead America’s largest city. (Adam Gray/Bloomberg/Getty Images/Getty Images)

In states like Virginia, New York and New Jersey, where rising housing costs and utility bills have pressured voters, Democratic candidates have pointed to Trump’s early economic moves — including his trade policies — to argue that his approach is exacerbating the affordability crisis.

Weak income adds new pressure on families already suffering from high prices

Last week the Treasury Secretary Scott Besant He said that after interviewing five candidates, he finalized the shortlist and sent it to Trump.

Treasury Secretary Scott Besent has been interviewing candidates to head the Federal Reserve since Labor Day. (Photo by Anna Moneymaker/Getty Images/Getty Images)

Bessent, who has been interviewing candidates since Labor Day, said he wants “forward-looking, not backward-looking” regulators at the helm of the Fed.

Since Trump’s return to the White House, Powell has become a frequent target of criticism over the performance of the economy.

Click here to get FOX Business on the go

Federal Reserve Chairman Jerome Powell has been a frequent target of the Trump administration over interest rates. (Jim Watson/AFP/Getty Images/Getty Images)

Trump said the Fed did not act aggressively enough to ease affordability pressures on consumers.

His escalating rhetoric has widened the gap between the White House and the central bank, raising questions about how closely he can guide Fed policy.