Overview

• Trump has shortlisted four contenders to replace Jerome Powell, confirming former Fed governor Kevin Warsh and National Economic Council director Kevin Hassett.
• The identities of the other two candidates remain undisclosed at Trump’s discretion.
• Treasury Secretary Scott Bessent declined the offer, opting to stay in his current role.
• The vacancy follows Adriana Kugler’s resignation from the Fed board, advancing the timeline for Trump to appoint a governor before Powell’s term ends in May 2026.
• Observers warn the nomination fight intensifies scrutiny of the Fed’s independence as investors watch for potential shifts in U.S. monetary policy.