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One of Trump’s most consequential decisions just got more complicated

todayDecember 8, 2025

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President Donald Trump has spent months boasting that he has the opportunity to replace Jerome Powell when the Federal Reserve chair’s term ends in May. But after Trump gave his strongest hint yet that he has picked a successor, markets sent a message of their own: Not so fast.

President Donald Trump has spent months boasting that he has the opportunity to replace Jerome Powell when the Federal Reserve chair’s term ends in May. But after Trump gave his strongest hint yet that he has picked a successor, markets sent a message of their own: Not so fast.

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