Trump Weighs 11 Potential Picks for Fed Chair, Including David Zervos and Rick Rieder

Washington, D.C. — President Donald Trump is reportedly reviewing a shortlist of 11 candidates for the next Federal Reserve chair, with two prominent names—David Zervos, chief market strategist at Jefferies, and Rick Rieder, chief investment officer of global fixed income at BlackRock—emerging as strong contenders, according to sources familiar with the matter.

The selection process comes at a critical moment for the U.S. economy, as the Federal Reserve faces mounting pressure to balance inflation control with maintaining steady growth. Trump has long expressed dissatisfaction with what he sees as overly cautious monetary policy in recent years, and this appointment will give him an opportunity to shape the central bank’s direction for the remainder of his presidency.

A Critical Decision in a Volatile Economic Climate

The next Fed chair will inherit a challenging economic landscape. While inflation has cooled from its peak, it remains above the Fed’s 2% target. Meanwhile, stock markets have been riding a wave of optimism fueled by technology sector gains, though signs of slowing consumer spending and global trade uncertainty remain.

According to senior officials, Trump has emphasized the need for a chair who will prioritize pro-growth policies and be willing to consider more aggressive rate cuts if economic data weakens. This could mark a shift from the Fed’s current cautious approach toward interest rates.

Zervos, known for his market-savvy analysis and willingness to challenge conventional thinking, has reportedly impressed Trump with his straightforward communication style. Rieder, on the other hand, is respected across Wall Street for his deep expertise in global markets and ability to navigate complex financial conditions.

Inside Trump’s Selection Criteria

Sources say the president’s inner circle is looking at three main qualities in a candidate:

1. Economic Alignment — A willingness to support policies aimed at boosting domestic investment and job growth.

2. Market Communication Skills — The ability to reassure investors and maintain stability during times of uncertainty.

3. Loyalty and Independence — Someone who can remain independent from political influence but still share the administration’s vision for economic expansion.

While Trump has not indicated when he will make his final decision, advisers suggest that the announcement could come before the end of the year to give markets ample time to adjust.

Reactions from Financial Markets

The news of the shortlist has already sparked speculation among traders and economists. Some analysts believe Zervos could bring a more market-responsive Fed, potentially favoring looser monetary policy. Others view Rieder as a steady hand who could maintain credibility with global investors while still supporting growth-oriented measures.

Market reaction has so far been muted, with the U.S. dollar holding steady and Treasury yields showing little change. However, analysts note that the eventual choice could have a significant impact on bond markets and investor sentiment.

The Stakes for Trump’s Presidency

Choosing the next Fed chair is one of the most consequential economic decisions a president can make. With the 2026 midterm elections on the horizon and Trump’s second-term economic legacy taking shape, the decision will signal how aggressively his administration plans to manage monetary policy in the years ahead.

For now, the White House is keeping its deliberations private, but the financial world is watching closely. Whoever is chosen will face the immediate challenge of balancing inflation concerns with sustaining economic momentum—a task that could define the nation’s economic trajectory for the next decade.