• Trump will announce his nominee for Federal Reserve chair on Friday morning.
• He has publicly criticized current chair Jerome Powell, advocating for lower interest rates.
• Four known finalists are in consideration for the nomination.
• The decision could influence the Fed's independence from presidential politics.
• Powell's term ends in May, but he may remain on the board until 2028.

U.S. President Donald Trump announced that he will reveal his choice for the new Federal Reserve chair on Friday morning. "I'll be announcing the Fed chair tomorrow morning," he stated during a public appearance at the Kennedy Center. This announcement comes amid ongoing tensions between Trump and current chair Jerome Powell, whose term is set to end in May, according to Reuters and NPR.

Trump described his selection as an "outstanding person" known within the financial world and suggested that many people might find the nominee familiar, hinting at potential frontrunners like Kevin Warsh and Christopher Waller. The president's ongoing critique of Powell's cautious approach towards interest rates has intensified public interest in who will fill the role. "A lot of people think that this is somebody that could have been there a few years ago," Trump stated, fueling speculation around Warsh, according to ABC News and NPR.

Recent months have seen Trump increasingly exercise pressure on Powell, questioning the Fed's independence and what he perceives as inadequate measures to stimulate economic growth through lower interest rates. The dynamics between the administration and the Federal Reserve have heightened, especially following reports of a criminal investigation into the Fed's renovation costs. Powell, facing these challenges, has publicly reminded the Fed's importance in making decisions without political interference, as noted by Reuters and ABC News.