Trump Narrows Fed Chair Shortlist to 3–4 Candidates as 2025 Transition Looms

The search for a successor to Federal Reserve Chair Jerome Powell has intensified, with U.S. President Donald Trump reportedly narrowing the field to a shortlist of three or four candidates. Trump previously indicated a desire to announce the new Fed Chair “a little bit early” but has since shifted to a more cautious timeline, aligning with Powell’s term expiration in May 2025 [2]. The extended timeline has effectively ruled out the possibility of an interim or “shadow” Fed chair, ensuring continuity in monetary policy as the U.S. heads toward another election cycle [5].

Among the top contenders are current and former Fed officials with a range of policy stances and backgrounds. Fed Governor Chris Waller is seen as a leading candidate, with market prediction platform Polymarket assigning him a 27.5% chance of securing the role [1]. Waller, known for his market-oriented approach, has been a prominent voice in recent debates over interest rate policy. Other potential candidates include Vice Chair for Supervision Michelle Bowman, Vice Chair Philip Jefferson, and Dallas Fed President Lorie Logan. The list also features former Fed Governor James Bullard and Kevin Warsh, who previously served as a Fed governor under the Bush administration [2][4].

The Trump administration is also considering outside voices, including Rick Rieder of BlackRock, David Zervos of Jefferies, and former Fed Governor Larry Lindsey. These names reflect a diverse set of perspectives, with some advocating for more aggressive rate cuts and others emphasizing market discipline. Treasury Secretary Scott Bessent is overseeing the selection process, interviewing each candidate before presenting a shortlist to the president for final approval [5].

Trump’s public frustration with Powell has been well documented, particularly his recent comments criticizing the Fed Chair’s management of the “Fed Buildings.” However, the administration’s delay in naming a successor suggests a growing emphasis on institutional stability. The Fed’s recent decision to maintain interest rates within the 4.25–4.5% range has further underscored the need for a smooth transition [1]. With the final choice likely to be announced in early 2025, the next Fed Chair will inherit a complex economic landscape, including inflationary pressures and ongoing debates over fiscal policy.

The market and policy observers are closely watching the outcome, as the next Fed Chair will play a pivotal role in shaping monetary policy for the foreseeable future.

Source:

[1] https://ambcrypto.com/who-will-replace-jerome-powell-these-names-are-in-the-lead/

[2] https://www.foxbusiness.com/politics/trump-says-fed-chair-search-down-three-four-candidates-announcement-coming-a-little-bit-early

[3] https://finance.yahoo.com/news/trumps-search-to-replace-fed-chair-powell-continues-as-new-report-says-up-to-11-names-under-consideration-150307649.html

[4] https://www.idnfinancials.com/news/56581/trump-considers-11-candidates-to-replace-powell-as-fed-chairman

[5] https://finance.yahoo.com/news/trump-says-search-for-powell-replacement-down-to-3-or-4-after-reportedly-widening-to-11-150307140.html

[6] https://www.fxleaders.com/news/2025/08/14/trump-considers-11-candidates-to-replace-fed-chair-powell-by-may-2025/