The Trump administration is considering using the next expected Federal Reserve Board of Governors vacancy in early 2026 for appointing a successor to central bank Chair Jerome Powell, Treasury Secretary Scott Bessent said on Monday.

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.

The Polymarket prediction site identifies former Fed Governor Kevin Warsh, Fed Governor Christopher Waller and National Economic Council Director Kevin Hassett as the leading candidates to replace Powell.