Trump says he’s decided on his pick for Fed chair. Here’s who’s who on the short list

President Donald Trump said he has decided who will become the most powerful figure in the US economy.

The president on Sunday said he made up his mind and will be making an announcement. The looming nomination caps a months-long search process led by Treasury Secretary Scott Bessent, who provided Trump with a short list of five people.

Few people wield as much influence over financial markets and the global economy as the head of the US central bank. A few words from the Fed chair can move markets and shift billions of dollars. It’s a role so consequential that Trump has even mused about taking it for himself.

Trump has made no secret of his distaste for Fed Chair Jerome Powell, whose term ends in May. Trump has, at various points, said he would fire Powell or force him to resign; berated him for not lowering interest rates; and called on the Fed’s Board of Governors to oust him. Now, finally, Trump has an opportunity to reshape the central bank in his own image — and he is seizing it.

If Trump makes his announcement by the end of the year, it would be the earliest any president has announced a Fed chair nominee before the incumbent steps down.

Bessent said last week that there is a “very good chance” Trump will announce his pick before Christmas.

Whoever Trump picks will be subject to confirmation by the Republican-controlled Senate, and will lead the central bank as it juggles competing priorities after the administration’s sweeping economic policies raised the risk of higher inflation and weaker economic growth. Fed policymakers are currently divided on how Trump’s policies are affecting the economy.

Here’s who’s who on the administration’s short list for the top job at the Fed.

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