Powell's term as chair ends in May 2026. The president said earlier this month that he was considering successors for Powell and that they would come out “very soon.”

President Donald Trump said last week that he will announce his pick to succeed Federal Reserve Chair Jerome Powell “very soon.” The problem is that Powell still has 11 months left until the end of his term. Trump remains frustrated as ever with the Fed because it has not yet lowered interest rates.

Trump may be reviving the idea of a “shadow Fed chair,” in which the president names a replacement well before his term expires next year. That person would presumably represent Trump's preferences, and as the central bank's future leader would have more influence with the market than Powell.