The suspense surrounding the high-level personnel changes at the Federal Reserve is gradually tightening.

Trump clearly stated at the White House cabinet meeting on Tuesday that he will announce the new Federal Reserve Chair nominee early next year. This timeline is clearer than the "around Christmas" previously mentioned by Treasury Secretary Besant.

According to Trump, after consulting with Besant and Commerce Secretary Lutnick, they initially shortlisted about 10 candidates. The list has now been significantly narrowed down to one person.

Furthermore, during a public event after the meeting, Trump's somewhat veiled remarks about White House National Economic Council Director Kevin Hassett pushed him to the forefront as a top contender — "I suspect there's a potential Fed chairman in this room, and he's a very respected person."

However, considering Trump's penchant for "personnel surprises," everything remains subject to change before the official nomination is finalized.

The currently known list of candidates also includes Federal Reserve Governors Christopher Waller and Michelle Bowman, former Fed Governor Kevin Warsh, and BlackRock's Rick Ried.

It is worth noting that Trump has been pressuring the Fed on the pace of interest rate cuts for months. The term of current Chair Powell expires in May next year, and this nomination is seen as a key opportunity for Trump to reshape the Fed.

He also criticized Powell again on Tuesday, calling him a "stubborn ox who doesn't like your president much," and bluntly stated that his rate-cutting actions have been too slow and cautious.

Even after Chair Powell's term ends, he can continue to serve on the Federal Reserve Board as a governor for another two years.