Trump says he will announce a replacement for Powell as Fed chair Friday morning

Core Viewpoint - President Trump is set to announce his choice for the new Federal Reserve chair, concluding a five-month selection process to replace Jerome Powell [1][2]. Group 1: Selection Process - The process for selecting Powell's successor began in September with an initial list of 11 candidates, which included past and current Fed officials, economists, and Wall Street professionals [2]. - Treasury Secretary Scott Bessent played a key role in narrowing down the candidates, reducing the list to five and then to four [2]. Group 2: Final Candidates - The final four candidates for the Fed chair position are believed to be former Fed Governor Kevin Warsh, National Economic Council Director Kevin Hassett, current Fed Governor Christopher Waller, and BlackRock's chief investment officer for fixed income, Rick Rieder [3]. - Prediction markets have fluctuated in their betting on the candidates, with Warsh recently emerging as an 80% favorite [3]. Group 3: Administration Insights - An administration source indicated that Warsh was present at the White House on the day of the announcement, although a White House official downplayed speculation regarding the selection process [4]. - The White House spokesman emphasized that any reporting on the Fed chair nominations before the official announcement is premature [4]. Group 4: Current Chair's Status - Jerome Powell has not confirmed whether he will remain in his position after his term expires in May, although he has the option to serve the remaining two years of his governor's term [5].