Trump considering 11 candidates for Fed chair, including David Zervos and Rick Rieder, sources say

The Trump administration is currently considering 11 candidates to potentially replace Federal Reserve Chairman Jerome Powell when his term expires in May. This list includes three new names that have not been publicly disclosed before, as confirmed by two anonymous administration officials. Among these new candidates are Jefferies Chief Market Strategist David Zervos, former Fed Governor Larry Lindsey, and Rick Rieder, the chief investment officer for global fixed income at BlackRock.

These three individuals join a group of eight other candidates that CNBC has previously confirmed are being considered for the position. This list includes prominent figures such as Fed Vice Chair for Supervision Michelle Bowman, Fed Governor Chris Waller, and Fed Vice Chair Philip Jefferson. Additionally, the officials mentioned that the list also includes Marc Summerlin, an economic advisor in the Bush administration, Dallas Fed President Lorie Logan, and former St. Louis Fed President James Bullard.

In a recent interview with CNBC, President Donald Trump revealed that Kevin Hassett, the director of the National Economic Council, and former Fed Governor Kevin Warsh are among those on his list of potential candidates. The selection process is described as “deliberative,” with Treasury Secretary Scott Bessent conducting interviews with all candidates to narrow down the list before presenting a final selection to the president for his decision.

The timeline for this decision remains uncertain, as the size of the candidate pool and the thorough selection process suggest that a decision may not be imminent and could potentially take a significant amount of time. The officials did not provide a specific timetable for when a decision might be made.

The prolonged decision-making process raises concerns about the possibility of having a “shadow Fed chair” in place for several months before Powell’s term ends, which some experts believe could disrupt monetary policy. Despite his frequent criticisms of Powell, President Trump has backed away from suggestions that he might replace the Fed chair before the end of his term in May.

While many of the candidates being considered have advocated for various reforms within the Fed, most of them have expressed support for the institution’s independence and possess extensive experience in monetary policy and financial markets.

Overall, the selection of the next Federal Reserve Chairman is a critical decision that will have significant implications for the country’s monetary policy and economic stability. As the administration continues to evaluate potential candidates, the financial markets and the public will be closely watching for updates on this important appointment.