No one knows yet who the next Federal Reserve chair will be, but Kevin Hassett is widely seen as the current frontrunner, with several other names still in play.

Where things stand now

  • Jerome Powell’s four‑year term as Fed chair ends in May 2026, so President Donald Trump is expected to name a successor soon.
  • Trump has publicly signaled he will announce his choice “early next year” (i.e., in the run‑up to Powell’s term ending).
  • Markets and policy watchers are treating the decision as a major pivot point for the Fed’s stance on interest rates and its independence.

Leading contenders

Most recent reporting and surveys highlight a small group of serious candidates:

  • Kevin Hassett – Trump’s National Economic Council director, repeatedly described as the frontrunner and heavily favored in betting markets and Fed‑watcher surveys.
  • Kevin Warsh – Former Fed governor, associated with more conservative, market‑friendly positions.
  • Scott Bessent – Treasury Secretary, viewed as a top contender in some CNBC Fed surveys.
  • Chris Waller – Current Fed governor, experienced monetary economist, considered a plausible but slightly less likely pick.
  • Michelle Bowman – Fed vice chair for supervision, on some shortlists, though usually ranked behind Hassett/Warsh/Waller.
  • Other names like Rick Rieder (BlackRock), David Zervos, and Larry Lindsey appear on longer internal lists.

Snapshot of main names

[6][2][3][5][9] [3][5][1][9] [8][3][7] [5][1][3][7][9] [7][9]
CandidateCurrent/Recent RoleHow often named as frontrunner?
Kevin HassettDirector, National Economic CouncilVery frequent; often top odds in surveys and betting markets.
Kevin WarshFormer Fed governor, Hoover Institution fellowRegularly listed as one of the top two or three contenders.
Scott BessentTreasury SecretaryLeads or ties in at least one CNBC Fed survey.
Chris WallerFed governorOn every serious shortlist, but usually behind Hassett/Warsh.
Michelle BowmanFed vice chair for supervisionAppears on Trump’s shortlist; not usually tagged as the favorite.

What Trump seems to want

Commentary around the search suggests Trump’s main “litmus test” for the next chair is willingness to cut interest rates more aggressively.

  • Articles describe the new chair as expected to be more aligned with Trump’s push for faster rate cuts than Powell has been.
  • Hassett is viewed as closest to Trump personally and philosophically, which is a big reason he keeps showing up as the most likely pick.
  • That alignment is also what worries some investors, who would prefer a chair seen as fiercely independent from the White House.

How likely is each outcome?

No outlet is reporting a finalized decision, only probabilities and “shortlists,” so any answer is still speculative.

If you forced a ranking based on the latest public signals:

  1. Kevin Hassett – most mentions as frontrunner in late‑2025 coverage and surveys.
  1. Kevin Warsh – consistently near the top of expert shortlists.
  1. Scott Bessent – strong in at least one survey and central to the process.
  1. Chris Waller – serious contender, but rarely described as the favorite.
  1. Michelle Bowman and others – on the long list, more dark‑horse territory.

TL;DR

  • There is no confirmed “next Fed chairman” yet.
  • Kevin Hassett is currently treated as the most likely pick, but Trump is still auditioning several candidates and could surprise markets.

Information gathered from public forums or data available on the internet and portrayed here.