President Donald Trump said on Thursday that the long-running search for the next chair of the Federal Reserve is about to conclude, with an official announcement expected on Friday.

Speaking to reporters at the premiere of “Melania,” a film centered on First Lady Melania Trump, the president indicated that the months-long selection process is nearing its end. Trump described the effort to identify a successor to current Federal Reserve Chair Jerome Powell as a five-month journey that is finally coming to a close.

“I’ll be announcing the Fed chair tomorrow morning,” Trump said. When asked whether he had already made a final decision, he responded with characteristic humor, saying that he had and adding that he “better” have chosen someone, otherwise he would need to get back to work quickly.

The search for a new Federal Reserve leader began in September, when the administration assembled an initial list of 11 potential candidates. The group included former and current Federal Reserve officials, well-known economists, and senior figures from Wall Street and the investment world. Treasury Secretary Scott Bessent played a central role in evaluating the candidates, gradually narrowing the field first to five contenders and then to four finalists.

According to people familiar with the process, the final shortlist includes former Federal Reserve Governor Kevin Warsh, National Economic Council Director Kevin Hassett, current Federal Reserve Governor Christopher Waller, and Rick Rieder, who serves as chief investment officer for fixed income at BlackRock. Each candidate brings a different background and policy perspective, reflecting the administration’s broad search across government, academia, and the private sector.

As the decision approached, online prediction markets became increasingly active, with traders placing bets on who would ultimately be chosen. For a period of time, Kevin Hassett was viewed as the leading contender. That perception later shifted toward Kevin Warsh, and more recently toward Rick Rieder. However, by Thursday evening, the odds changed again. On the prediction platform Kalshi, Warsh emerged as the clear favorite, with markets assigning him roughly an 80 percent chance of securing the role.

Speculation intensified further after reports surfaced that Warsh had been seen at the White House on Thursday. An administration source confirmed to CNBC that Warsh was indeed present, fueling assumptions that the decision may already have been made. Still, White House officials were quick to push back against the growing wave of rumors.

White House spokesman Kush Desai dismissed ongoing media coverage and speculation surrounding the nomination process. He emphasized that President Trump would make an announcement at a time of his choosing and suggested that interim reporting was premature. According to Desai, all discussions about the Federal Reserve chair selection before the official announcement were unproductive and unnecessary.

Meanwhile, Jerome Powell, whose term as Fed chair is set to expire in May, avoided directly addressing questions about his future. Powell retains the option to remain on the Federal Reserve Board for an additional two years, as his term as a governor extends beyond his chairmanship. When asked whether he plans to stay on in that capacity, Powell declined to provide a clear answer.

The selection of a new Federal Reserve chair carries significant implications for U.S. monetary policy, financial markets, and the broader economy. Investors and policymakers alike are closely watching the process, as the Fed continues to navigate inflation concerns, interest rate decisions, and economic uncertainty at home and abroad.

With Trump signaling that a final decision has been made and an announcement imminent, attention now turns to Friday morning, when the president is expected to reveal who will take the helm of the central bank and shape the next chapter of U.S. monetary policy.