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.

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.

The Polymarket prediction site identifies former Fed Governor Kevin Warsh, Fed Governor Christopher Waller and National Economic Council Director Kevin Hassett as the leading candidates to replace Powell.