In previous QuickTakes, we wrote that Fed Chair Jerome Powell's term as Fed chair expires on May 15, 2026 but that he could stay on as a Fed governor until his term in that position expires on January 31, 2028. However, we were incorrect that President Donald Trump would be limited to the other current Fed governors when appointing the next Fed chair. That's because Fed Governor Adriana D. Kugler's term expires on January 31, 2026. Trump could fill that open position with someone outside the current Fed roster, such as Treasury Secretary Scott Bessent or another Trump loyalist.
But Trump loyalist or not, the next Fed chair will still need to work with the other 11 voting members of the Federal Open Market Committee to make monetary policy decisions.
