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.
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The Trump administration announced on Tuesday that it is halting all immigration applications, including those for green cards and U.S. citizenship, submitted by people from 19 non-European countries, citing national security and public safety concerns.
Google’s YouTube has announced a “disappointing update” for millions of Australian users and creators, confirming it will comply with the country’s world-first ban on social media access for under-16s by locking affected users out of their accounts within days.
Dell Technologies CEO Michael Dell and his wife Susan Dell announced on Tuesday that they will donate $6.25 billion to the investment accounts of 25 million U.S. children aged 10 and under.
Bulgaria’s President Rumen Radev has said the government’s resignation is “inevitable” and called for early elections following mass protests over budget policies and allegations of corruption.
A four-part docuseries executive produced by Curtis '50 cent' Jackson and directed by Alexandria Stapleton on Netflix is at the centre of controversy online.
Security concerns across Central Asia have intensified rapidly after officials in Dushanbe reported a series of lethal incursions originating from Afghan soil, marking a significant escalation in border violence.
Russia has claimed a decisive breakthrough in the nearly four-year war, with the Kremlin announcing the total capture of the key logistics hub of Pokrovsk just hours before United States mediators were due to arrive in Moscow.
French President Emmanuel Macron addressed critical issues surrounding Ukraine’s ongoing conflict, the role of American mediation, and European involvement during a press conference on Monday, reaffirming France’s commitment to supporting Ukraine's sovereignty and ensuring peace in the region.
Hong Kong Police said that the death toll of people killed in the Wang Fuk apartment fire has risen to 151 while giving an update on their investigation into the incident on Monday.
The Trump administration announced on Tuesday that it is halting all immigration applications, including those for green cards and U.S. citizenship, submitted by people from 19 non-European countries, citing national security and public safety concerns.
Dell Technologies CEO Michael Dell and his wife Susan Dell announced on Tuesday that they will donate $6.25 billion to the investment accounts of 25 million U.S. children aged 10 and under.
Bulgaria’s President Rumen Radev has said the government’s resignation is “inevitable” and called for early elections following mass protests over budget policies and allegations of corruption.
UN Secretary-General António Guterres has unveiled a sharp reduction to the organisation’s 2026 regular budget, proposing a cut of $577 million and an 18% reduction in staffing, as the United Nations faces one of its most severe liquidity crises in years.
Thousands of protesters took to the streets of Paris on Tuesday as French unions staged nationwide strikes and demonstrations to press the government on its 2026 budget proposals.
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