President Donald Trump said at his Cabinet meeting that "next week" he'll announce his choice to replace Jerome Powell as the chair of the Federal Reserve.
The president has criticized Powell for not slashing benchmark interest rates as low as Trump would like. Powell has insisted that the Fed stay independent of politics and make its choices based on inflation and job market data.
WATCH: Powell holds news conference after Federal Reserve leaves interest rate unchanged
Even though Powell's term as chair ends in May, he could stay on the board of governors until 2028 and block Trump's ability to appoint someone new to the board as chair.
Trump said his pick will do a "good job" and that he wants the Fed to cut rates when there are signs of economic growth.