CNBC reported in its latest briefing that the Donald Trump administration is currently considering 11 candidates for the position of Federal Reserve Chair, which Jerome Powell will vacate in May 2026. The list reportedly includes three new names: David Zervos, Larry Lindsey, and Rick Rieder.
Who are the new contenders for the Fed chair?
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David Zervos – Chief Market Strategist at Jefferies and Head of the Global Macro Division at Leucadia Asset Management. He presents market analyses in client meetings, media appearances, and conferences. He develops macroeconomic strategies, focusing on analyzing and communicating global financial and economic trends. When asked about new Fed member Miran and initial candidates to succeed Powell (Hasset, Warsh, Waller), he stated that the market would welcome any of these nominations and that the Fed would benefit from greater diversity of opinion.
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Larry Lindsey – President of The Lindsey Group and former economic advisor to the U.S. president as well as a former member of the Fed Board of Governors. He currently focuses on analyzing global macroeconomic trends and economic policy. He regularly publishes market commentary, appears in media, and warns about upcoming economic risks, including a possible recession in 2025. He has criticized the Fed, claiming that the overall impact of monetary policy on U.S. productivity since 2007 has been negative.
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Rick Rieder – Chief Investment Officer of Global Fixed Income at BlackRock, managing approximately $3.1 trillion in assets. He leads the Fundamental Fixed Income and Global Allocation teams, sits on global investment committees, advises Alphabet and UBS, and actively comments on markets and monetary policy. In his recent remarks, he highlighted emerging signs of a slowdown in the labor market, suggesting that interest rates could “comfortably” be 100 basis points lower.
As seen, the three new names align with criticism of the current monetary policy approach, although their views remain moderate and far from an aggressive Trump-style agenda. The rumored candidates also introduce some diversity to the current pool, which mainly consists of individuals currently or previously affiliated with the Fed (Bullard, Bowman, Jefferson, Logan, Waller, Warsh). The expansion of potential successors to Powell suggests that the selection process for the new Fed Chair will take longer, reducing the risk of a “Fed shadow cabinet” forming around a previously chosen name, which could complicate decision-making before Powell’s term ends.
The U.S. Dollar Index (USDIDX) has nearly erased its recent rebound amid increasingly dovish expectations for U.S. monetary policy, currently finding support at the 78.6% Fibonacci retracement level. The index is trading below EMA10, EMA30, and EMA100, with the shortest average (EMA10, yellow) approaching a crossover with EMA30 (light purple), indicating intensifying downward pressure. Source: xStation5
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