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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Saudi Aramco has ordered staff to evacuate its headquarters amid escalating Houthi attacks on the kingdom. Two people were killed in an attack on Dammam airport, while Iran's IRGC Navy claimed strikes on seven vessels and warned the U.S. of a wider response.
Russian strikes on Ukraine overnight killed at least two people and injured 15 others, including two children, Ukrainian authorities said. Meanwhile, Russia said it had intercepted the vast majority of 630 Ukrainian drones launched towards Moscow.
Russia is willing in principle to resume peace talks with Ukraine and the United States in November, Kremlin aide Yuri Ushakov said after President Vladimir Putin met U.S. special envoy Steve Witkoff in St Petersburg.
Israeli military bulldozers have begun demolishing buildings in the West Bank city of Hebron on Friday, 23 October, following armed clashes with Palestinians that left two Israeli soldiers dead, according to the Israeli military.
Super typhoon Champi is set to batter Japan’s Okinawa Prefecture from Friday (23 October), bringing violent winds, torrential rain and waves up to 11 metres high, as airlines cancel flights and organisers scrap a major festival.
Armenian authorities have detained 10 more people in a vote-buying investigation involving the opposition Strong Armenia party, just two days before local elections in the northern town of Stepanavan.
Azerbaijani President Ilham Aliyev met India’s Minister of External Affairs in Baku for talks on strengthening bilateral relations, with a focus on trade, investment, energy and technology.
Israeli military bulldozers have begun demolishing buildings in the West Bank city of Hebron on Friday, 23 October, following armed clashes with Palestinians that left two Israeli soldiers dead, according to the Israeli military.
Greece’s parliament has passed a bill banning under-15s from using social media from 1 January 2027, as the country steps up efforts to protect children online. The new law will require platforms to enforce age restrictions.
France's Interior Minister Laurent Nunez said on Friday that 70,000 security forces would be mobilised throughout the country to keep order on Saturday, adding there have been calls for looting and violence from the ultra-left.
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