NEW YORK, Dec. 2 (Xinhua) -- U.S. President Donald Trump said Tuesday he will announce his selection for the next chairperson of the Federal Reserve in early 2026.

"We'll be announcing somebody, probably early next year, for the new chairman of the Fed," said Trump during a cabinet meeting at the White House.

Trump recently suggested that he has made a decision on the nomination.

National Economic Council Director Kevin Hassett is seen as the frontrunner in the race to succeed Fed Chair Jerome Powell when his term ends next May.

Since his return to the White House in January, Trump has repeatedly criticized Powell for moving too slow in cutting interest rates and threatened to fire him.