Trump gives up two possible names to replace Powell as Fed Chair

One of the hot topics of conversation over the last couple of weeks is who would replace Jerome Powell as Fed Chair when his term is over.

The assumption was that it would be Treasury Secretary Bessent, but he reportedly told Trump he was not interested.

When Trump named Stephen Miran to sit on the board, the assumption then was that Miran would be taking his place, but we all know what happens when you assume. Trump blew that narrative out of the water by dropping two new names over the weekend.

Not Interested

When Secretary Bessent was asked about serving as the Fed Chair, he seemed open to it.

I say that because when he was asked what he would do as Fed Chair, his response was that he would do whatever Trump wanted.

Now, for public impressions, that was about as bad a response as you could have, and there was pushback for it, including by this writer, so perhaps that is why Bessent was removed for the picture.

Trump, however, put it on Bessent, saying that the Secretary was quite happy in his current role, and that is where he wanted to continue to serve, so we were next man up.

Miran Takes the Seat

Trump announced his choice to fill an open Fed seat, appointing Stephen Miran.

Trump stated, “It is my Great Honor to announce that I have chosen Dr. Stephen Miran, current Chairman of the Council of Economic Advisors, to serve in the just vacated seat on the Federal Reserve Board until January 31, 2026.

“In the meantime, we will continue to search for a permanent replacement.”

Miran is a Trumper, through and through, and that terrifies Democrats, which is also why most assumed that when Powell is done, it would be Miran chosen to succeed him.

Wrong Again

I was among those who made that conclusion, and I was dead wrong, as Trump broke some major news this past weekend.

Trump said he has two names he is adding to his current list, that being St. Louis Fed President James Bullard and Marc Sumerlin, a former economic adviser to President George W. Bush. Also on that list are National Economic Council Director Kevin Hassett and former Fed Governor Kevin Wars, and current Fed Governor Christopher Waller.

I really hope Trump learned his lesson about using Bush-era Republicans in his administration, as I would disqualify Sumerlin on that alone. I just don’t trust anyone who was associated with Bush, and Trump has been utterly wrecked by virtually every former Bush staffer he has used in his administration.

One thing I do know, however, and that is that I am sure Trump will have a conversation with his final nominee, ensuring that as soon as he takes power, the rates will get cut to Trump’s satisfaction. Powell has been hesitant to do so, wanting to see the full impact of the tariffs, and Trump has repeatedly blamed that for rising inflation and struggling economic reports during his first six months in office.