U.S. President Donald Trump chaired a cabinet meeting at the White House. Speaking to the press, Trump criticized Fed Chair Jerome Powell, whose term will end in May next year, arguing that interest rates should be lowered. Trump said, “We will probably announce the new Fed chair at the beginning of next year.”

Trump stated that they are reviewing 10 potential candidates for the position of U.S. Federal Reserve (Fed) chair, and that many people, including Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick, are involved in the process. Trump said, "I think we evaluated 10 people and finally narrowed it down to one person."