President Trump said he intends to announce his pick to replace Federal Reserve Chair Jerome Powell next week, ending weeks of speculation over who will lead the U.S. central bank after Powell’s term expires in May 2026.

“We’re going to be announcing the head of the Fed…and it’ll be a person that will, I think, do a good job,” Trump said during his first cabinet meeting of the year.

He also reiterated his criticisms of the independent body, saying interest rates remain too high.