Fed Chair Jerome Powell’s term ends in May 2026, although President Trump has already begun the process to replace him. Trump has handed the reins to Treasury Secretary Scott Bessent to find a suitable replacement.
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Two contenders have now been added to the mix, according to the Wall Street Journal. The first is former St. Louis Fed President James Bullard, who is currently the dean of Purdue University’s business school. The other contender is Marc Sumerlin, who served as an economic adviser to former President George W. Bush.
Fed Governor Christopher Waller Leads the Replacement Race
Bullard and Sumerlin’s odds of being selected by Trump to replace Powell before December 31 aren’t listed on prediction platform Polymarket. Meanwhile, Fed Governor Christopher Waller leads the race with a 31% chance, while both National Economic Council Director Kevin Hassett and former Fed Governor Kevin Warsh trail behind with odds of 11%.
Trump has long criticized Powell for keeping interest rates steady this year, calling for rate cuts in order to reduce U.S. government debt payments. At the same time, Trump has said that he won’t begin proceedings to fire Powell and will let him serve the remainder of his term.
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