Trump’s administration is weighing 11 candidates to replace Federal Reserve Chair Jerome Powell when his term ends in May 2026.
Among the newly disclosed names are Jefferies chief market strategist David Zervos, former Fed governor Larry Lindsey, and BlackRock global fixed-income CIO Rick Rieder, according to anonymous administration officials.
These three join eight previously confirmed contenders, including Fed Vice Chair for Supervision Michelle Bowman, Fed Governor Chris Waller, Fed Vice Chair Philip Jefferson, economic advisor Marc Summerlin, Dallas Fed President Lorie Logan, and former St. Louis Fed President James Bullard.
CNBC sources corroborated that all eight remain under consideration as the administration evaluates a diverse pool of candidates.
Officials warn that delays in selecting a successor could result in a “shadow Fed chair” scenario, potentially disrupting monetary policy continuity. This concern reflects the delicate balance of ensuring a smooth transition without undermining Fed stability.
President Trump has repeatedly criticized Powell, calling him a “numbskull” and “moron” primarily for resisting sharp interest-rate cuts. Trump seeks a drastic reduction of borrowing costs from the current 4.25 – 4.5 percent range down to just 1 percent, a position Powell has resisted amid inflation concerns and fallout from trade tensions.
Recent data, including a disappointing jobs report and cooler inflation in July, has raised the possibility of a 0.25 percentage-point rate cut in September, with some administration voices calling instead for a larger half-point move.
Despite his near-daily attacks on Powell, Trump has tempered talk of an early replacement, opting to let the Fed chair serve until Powell’s term concludes in May 2026.
Although the contenders vary widely, most have advocated different reforms at the Fed while maintaining strong support for its institutional independence.
Their backgrounds span monetary policy and financial markets, reflecting the administration’s desire for experienced leadership with operational credibility.
