[Trump: Will Nominate New Fed Chair Next Week, Interest Rates Should Be 2 to 3 Percentage Points Lower] According to Jinshi reports, U.S. President Trump stated that he plans to announce the candidate to replace Federal Reserve Chair Powell next week, ending weeks of speculation about who will take over the position. Powell's term will end in May 2026. Trump also stated that interest rates should be 2 to 3 percentage points lower.