Powell's term as chair of the Fed ends in May 2026, but Trump is reportedly considering announcing a replacement as early as September or October 2025.

Jerome H. Powell, whose term does not expire until May, has argued that the central bank can afford to be patient about cutting interest rates amid uncertainty about the economic outlook.

President Donald Trump stepped up attacks on his handpicked Federal Reserve chairman on Wednesday, claiming Jerome Powell has “low IQ” and suggesting the list of potential replacements has been narrowed to three or four people.