Leaning toward Warsh or Hassett to lead Fed, says Donald Trump

U.S. President Donald Trump said on Friday (December 12, 2025) he has narrowed his search for a new Federal Reserve chair to two people and he should at least be consulted on decisions about interest rates, in what would be an unusual development.

Mr. Trump said he is leaning toward either former Fed Governor Kevin Warsh or National Economic Council Director Kevin Hassett to lead the Fed next year.

“I think you have Kevin and Kevin. They’re both — I think the two Kevins are great,” Mr. Trump said in an interview with the Wall Street Journal in the Oval Office.

Mr. Trump said he thought the next Fed chair should consult with him on where to set interest rates, the WSJ reported. Presidents typically leave rate decision-making up to the Fed.

“Typically, that’s not done anymore. It used to be done routinely. It should be done,” Mr. Trump said. “It doesn’t mean — I don’t think he should do exactly what we say. But certainly we’re – I’m a smart voice and should be listened to.”

Mr. Trump, asked by reporters in a separate Oval Office event whether he should have a say in Fed decisions on interest rates, said he should at least be consulted.

Mr. Trump has been critical of the Fed and its chair, Jerome Powell, for not making dramatic cuts to interest rates. The Fed cut rates by a quarter point on Wednesday.

“They don’t have to follow what I say. But we’re going to be choosing a new Fed person in the pretty near future,” he said.