Trump to announce Federal Reserve chair nominee Friday morning

President Donald Trump said Thursday that he will announce his nominee for Federal Reserve chair on Friday morning, concluding a monthslong selection process that has drawn significant market attention.

Speaking at the premiere of "Melania," a documentary about first lady Melania Trump, at the Kennedy Center in Washington, Trump told reporters he had settled on a candidate. "I'll be announcing the Fed chair tomorrow morning," he said. When asked if he had actually made a final decision, Trump replied, "I do, I better, otherwise I have to go to work very quickly."

Trump described his pick as someone who "won't be too surprising" and characterized the choice as a person "that could have been there a few years ago." He added that the nominee is "very respected" and "known to everybody in the financial world," and said the candidate is on his "reasonably shortlist."

The selection process began in September with an initial field of 11 candidates drawn from past and current Federal Reserve officials, economists, and Wall Street investment professionals. Treasury Secretary Scott Bessent oversaw the screening, narrowing the candidates to five and then four finalists.

The four finalists are believed to be Kevin Hassett, Trump's National Economic Council director; Christopher Waller, a Federal Reserve governor; Kevin Warsh, a former Federal Reserve governor; and Rick Rieder, BlackRock's chief investment officer. Trump has previously indicated that the two Kevins—Hassett and Warsh—are front-runners, telling Reuters earlier this month that "the two Kevins are very good."

The announcement comes one day after the Federal Reserve maintained its benchmark interest rate in the range of 3.5 percent to 3.75 percent. The decision was widely expected by markets, though Trump has publicly pressured the Fed to cut rates more aggressively and has criticized current Chair Jerome Powell over interest rate policy.

Powell's term as Fed chair is set to expire in May. Trump has made clear that he is seeking a successor willing to reduce interest rates at a faster pace than the current leadership has pursued.