US President Donald Trump said on Thursday that he will announce his choice for the next Federal Reserve chair on Friday morning, bringing a months-long selection process close to an end.

Speaking at a screening of the film “Melania,” centred on First Lady Melania Trump, the president said the search to replace current Fed Chair Jerome Powell was nearly complete.

“I’ll be announcing the Fed chair tomorrow morning,” Trump said. Asked whether he had finalised his decision, he added, “I do — I better, otherwise I have to go to work very quickly.”

The process to select Powell’s successor began in September, with an initial pool of 11 candidates that included economists, Wall Street executives, and former and current Federal Reserve officials. Treasury Secretary Scott Bessent later narrowed the list to five and then four finalists.

Those believed to be in the final running are:

• Christopher Waller, current Federal Reserve Governor

• Kevin Warsh, former Federal Reserve Governor

• Kevin Hassett, Director of the National Economic Council

• Rick Rieder, BlackRock’s Chief Investment Officer for Fixed Income

Prediction markets have closely tracked the race. While Hassett had earlier been seen as the frontrunner, momentum has shifted in recent days. As of Thursday night, Kevin Warsh emerged as the dominant favourite, with betting platform Kalshi assigning him roughly an 80% probability of being selected.

The announcement is being closely watched by markets, given its potential implications for US interest rate policy, inflation management, and financial market stability