Trump Shakes Up Fed Chair Race—Expands Shortlist from 3 to 10 Contenders

Washington's favorite guessing game just got wilder. The former president—never one to stick to script—has blown open the Fed chair selection process with a surprise roster expansion.

From final three to contender ten: Inside the high-stakes musical chairs for America's economic throne.

Wall Street's already placing bets—because nothing says 'sound monetary policy' like treating central banking like a reality show casting call.

Trump adds names despite saying finalists were already set

The expanded search comes only days after Trump told reporters he was down to three finalists. At that point, he mentioned Warsh and Hassett as the main contenders. The current chair, Jerome Powell, finishes his term in May, but hasn’t said whether he’ll leave the Fed board entirely. If he stays, Trump might not get another seat to fill apart from Powell’s role.

On Thursday, Trump also moved to fill an unexpected vacancy on the Fed’s seven-member board. He picked adviser Stephen Miran for the short-term role. If confirmed, Miran’s term runs until January 31, though he can remain until a replacement is approved.

This type of shake-up in the candidate pool isn’t new for Trump. When picking a Treasury secretary in November, he had narrowed the field to Bessent and now-Commerce Secretary Howard Lutnick, then decided to meet more candidates, including Warsh, before picking Bessent.

Some WHITE House advisers had already suggested that a bigger range of candidates could be brought in, including people who hadn’t been mentioned in public. That is exactly what has happened with Bullard and Sumerlin now in the mix.

Who the contenders are and where they stand

Bullard left the St. Louis Fed last year to become dean of Purdue University’s business school. In 2019, he had recommended Waller, then his research director, for a spot on the Fed board. Trump later nominated Waller, and Bullard had said publicly he WOULD take the Fed chair job if given the chance.

Sumerlin’s background includes serving as deputy director of the National Economic Council after advising George W. Bush during the 2000 campaign. More recently, he has run his own economic advisory firm and crossed paths with Bessent in that role.

Waller’s interview with Bessent happened two weeks ago. Some who have spoken with Bessent say Waller made a good impression. Others see him as unlikely to get the job.

The search process is happening while some in Trump’s circle are pushing a strategy to undercut Powell’s influence well before his term ends. They argue the Fed’s real power isn’t just in setting rates or adjusting its balance sheet, it’s in sending signals that markets react to. The plan would be to name a “phantom Fed chair” months ahead of time, making Powell’s forward guidance irrelevant.

Once Trump names his pick, more than 90% of the market reaction to Powell’s statements would disappear. Traders and investors would instead watch the incoming chair’s words. Powell’s term officially ends in May 2026, but in this scenario, his ability to steer interest rates could start fading immediately. And as far as markets are concerned, they already expect that shift to happen.

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