President Donald Trump on Thursday indicated he would announce his pick for the next Federal Reserve chairman next week.

Earlier in the day, Trump criticized Fed Chair Jerome Powell over his hesitancy to lower interest rates, despite low inflation numbers.

“We are going to be announcing the head of the Fed, who that will be,” Trump said, according to The Hill. He further added that the development would come "sometime next week."

It is unclear whether Trump plans to fire Powell or merely replace him when his term expires in 2028. Powell has resisted pressure to step down, despite the Department of Justice opening a criminal probe into his handling of the Fed building's renovation.

Speculation has abounded as to Powell's replacement, with Treasury Secretary Scott Bessent and National Economic Council head Kevin Hassett both ranking among the favorites at one time or another.

Ben Whedon is the Chief Political Correspondent at Just the News. Follow him on X.