President Donald Trump said last week that he will announce his pick to succeed Federal Reserve Chair Jerome Powell “very soon.” The problem is that Powell still has 11 months left until the end of his term.

Trump has been highly critical of Fed chair Powell for not cutting rates. Some see Trump's pressure campaign against the central bank chief as futile.

Jerome H. Powell, whose term does not expire until May, has argued that the central bank can afford to be patient about cutting interest rates amid uncertainty about the economic outlook.