Powell's term as chair of the Fed ends in May 2026, but Trump is reportedly considering announcing a replacement as early as September or October 2025.

Treasury Secretary Scott Bessent said that there are 'people' already at the Federal Reserve who are under consideration to become the next central bank chair after Jerome Powell’s term expires next May.

Jerome H. Powell, whose term does not expire until May, has argued that the central bank can afford to be patient about cutting interest rates amid uncertainty about the economic outlook.