U.S. President Donald Trump said on Tuesday that he will likely announce his pick for the next Federal Reserve chair early next year, ahead of the expiry of current Chair Jerome Powell’s term in May 2026.
“We’ll be announcing somebody, probably early next year, for the new chairman of the Fed,” Trump said during a Cabinet meeting at the White House, without giving further details.
Treasury Secretary Scott Bessent, in charge of the selection process, had previously indicated the decision could be made public before Christmas.
Trump said he already knew who he would nominate and has been considering around 10 potential candidates, narrowing the choice to one.
Trump has long criticised Powell as “too hesitant” in seeking interest rate cuts and suggested his successor would act more decisively to reduce rates. Powell could remain on the Fed board for two more years as a governor after his term as chair ends.
Potential candidates reportedly include White House National Economic Council Director Kevin Hassett, Fed Vice Chair for Oversight Michelle Bowman, Fed Board Member Christopher Waller, former Fed Board Member Kevin Warsh, and BlackRock executive Rick Rieder.
Separately, Trump said the U.S. will see “the largest tax refund season ever” next year, with refunds to be paid from tariff revenues.
He suggested that, in the future, Americans might even pay no income tax, citing the substantial revenue generated under his administration.
There are fears of an oil spill after a drone strike hit a Kuwaiti oil tanker near Dubai on Tuesday, while U.S.-Israeli strikes in Iran report...
NASA is preparing to launch Artemis II with four astronauts on a roughly 10-day mission around the Moon, marking its most ambitious human spaceflig...
Türkiye secured their place at the 2026 FIFA World Cup with a 1–0 away victory over Kosovo in the European qualifying play-off final, en...
Armenian Prime Minister Nikol Pashinyan is in Russia for a working visit, with talks expected to focus on bilateral and regional cooperation with R...
Japan and France agreed on Wednesday to coordinate closely in efforts to end the U.S.-Israeli war with Iran and reopen the Strait of H...
There are fears of an oil spill after a drone strike hit a Kuwaiti oil tanker near Dubai on Tuesday, while U.S.-Israeli strikes in Iran reportedly killed at least two people. A loud explosion was heard in Beirut in southern Lebanon early Wednesday, as oil prices climbed above $100 a barrel.
NASA is preparing to launch Artemis II with four astronauts on a roughly 10-day mission around the Moon, marking its most ambitious human spaceflight in decades and a key step towards returning astronauts to the lunar surface ahead of China.
With Donald Trump in attendance, the Supreme Court of the United States on Wednesday heard arguments over the legality of his directive to restrict birthright citizenship.
At least 1,492 Afghans died or went missing during migration journeys worldwide in 2025, most on the Afghanistan–Iran route, according to a new International Organization for Migration (IOM) report.
The Iran-U.S.-Israel conflict is intensifying, with fresh strikes near Tehran, European calls for restraint, and Iran threatening to target U.S. firms in the region, raising fears of a broader escalation across the Middle East.
There are fears of an oil spill after a drone strike hit a Kuwaiti oil tanker near Dubai on Tuesday, while U.S.-Israeli strikes in Iran reportedly killed at least two people. A loud explosion was heard in Beirut in southern Lebanon early Wednesday, as oil prices climbed above $100 a barrel.
China's three largest state-owned airlines have issued warnings regarding their financial outlook for the current year, acknowledging that the eruption of war involving Iran has driven jet fuel prices to unsustainable highs.
At least 70 people have been killed and more than 30 wounded in a gang attack in Haiti’s Artibonite region, according to two rights organisations, as thousands of residents fled the violence in the towns of Jean Denis and Pont Sondé.
Australia’s move to ban social media access for children under 16 has intensified a global debate, as governments around the world weigh tougher rules amid growing concerns over mental health, safety and screen addiction.
Türkiye secured their place at the 2026 FIFA World Cup with a 1–0 away victory over Kosovo in the European qualifying play-off final, ending a 24-year absence from the tournament.
With Donald Trump in attendance, the Supreme Court of the United States on Wednesday heard arguments over the legality of his directive to restrict birthright citizenship.
Drones detected in Estonia appear to have strayed from Ukraine while headed for Russia, the Baltic country's armed forces said late on Tuesday. Estonia had earlier said it detected drones inside and outside its airspace overnight, with broadcaster ERR reporting that drone debris was found.
UK Prime Minister Keir Starmer, French President Emmanuel Macron and Japanese Prime Minister Sanae Takaichi have called for urgent action to reopen the Strait of Hormuz, as escalating conflict continues to choke one of the world’s most critical energy routes.
A U.S. judge has blocked President Donald Trump from moving ahead with plans to build a $400 million ballroom on the site of the demolished East Wing of the White House, pausing one of the most high-profile efforts to reshape the presidential complex.
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