Trump has said: Fed board should assume control if Powell continues to refuse to lower interests rates

Just hours after reports claimed the Trump administration was weighing as many as 11 potential candidates to replace Federal Reserve Chair Jerome Powell, President Trump clarified that the actual shortlist is far smaller. Speaking to reporters Wednesday, Trump said he is “down to three or four names” for a possible replacement and hinted he may announce his choice “a little bit early,” even though Powell’s term does not expire until May 2026. His comments echoed remarks he made in an interview last week.

Treasury Secretary Scott Bessent, who is overseeing the search and interviews, said earlier this week that the administration was casting a “very wide net” for candidates, describing the president as having “a very open mind.” CNBC had reported Wednesday morning that the pool of contenders included Jefferies chief market strategist David Zervos and BlackRock’s global chief investment officer for fixed income Rick Rieder, among others. BlackRock declined to comment on the report.

After the CNBC story, White House spokesperson Kush Desai told Yahoo Finance that unless the information comes directly from President Trump, “any discussion about personnel decisions should be regarded as pure speculation.” Last week, Trump identified former Fed governor Kevin Warsh and National Economic Council director Kevin Hassett as leading contenders, and when asked about Fed governor Chris Waller, did not rule him out. Other names reportedly in the mix include former St. Louis Fed president Jim Bullard, Fed governor Michelle Bowman, Fed vice chair Philip Jefferson, Dallas Fed president Lorie Logan, former Bush administration official Marc Summerlin, and former Fed governor Larry Lindsey.

Meanwhile, Trump has nominated Stephen Miran, current chair of the Council of Economic Advisers, to the Federal Reserve Board of Governors to replace Adriana Kugler, who resigned on Aug. 8. If confirmed, Miran would serve until Jan. 31, 2026. Bessent noted that Miran’s appointment would “change the composition of the Fed” and suggested he could be reappointed to a full term thereafter.