President Donald Trump is moving closer to naming economist Christopher Phelan to lead the White House Council of Economic Advisers, according to people familiar with the matter, as the administration confronts fresh economic pressure tied to higher gas prices and persistent voter anxiety about household costs.
Phelan, an adviser in the Minneapolis Fed's research department and a professor of economics at the University of Minnesota, has emerged as the leading candidate to become Trump's chief economist, people with knowledge of the matter told Politico on Wednesday under the condition of anonymity.
If Trump nominates him and the Senate confirms him, Phelan would take over an influential White House post that helps shape domestic and international economic policy and provides research and recommendations to the president.
Phelan would formally succeed Stephen Miran, who left the CEA chairmanship in February after an unusual dual-role arrangement that followed his September appointment to the Federal Reserve Board. The Council of Economic Advisers currently is being led on an acting basis by Pierre Yared.
Miran took office at the Fed on Sept. 16, and AP reported on Feb. 4 that he had stepped down from the White House post.
The possible Phelan selection comes at a politically sensitive moment for Trump, who has faced a more difficult economic backdrop in recent weeks as fuel prices surged during the Iran war.
AAA said the national average for a gallon of regular gasoline stood at $4.081 on April 2, the first time in four years that the national average topped $4, before oil fell sharply Wednesday after Trump announced a temporary ceasefire with Iran.
Inflation, while down sharply from the highs reached in recent years, has not disappeared as a political problem. The Labor Department said consumer prices in February rose 0.3% from the prior month and 2.4% from a year earlier.
Against that backdrop, the White House has sought to sharpen both policy and public messaging as Trump tries to reinforce confidence in his economic stewardship ahead of upcoming political fights on Capitol Hill.
The White House pushed back on reports that a decision has already been made. "Any reporting about personnel decisions, unless officially announced by the White House, should be considered baseless speculation," spokesperson Kush Desai said.
Phelan has not publicly commented on the reports.
He has spent decades in academic and policy circles, serving in various roles at the Minneapolis Fed since 1998 and teaching at the University of Minnesota after earlier faculty appointments at Northwestern University and the University of Wisconsin-Madison. The Minneapolis Fed says he earned degrees from Stanford University and a doctorate from the University of Chicago.
The CEA, established under the Employment Act of 1946, is often one of the administration's most important internal economic voices during periods of uncertainty. If selected, Phelan would step into the job as Trump faces the intersecting challenges of inflation pressure, energy-price volatility and global instability.
Theodore Bunker ✉
Theodore Bunker, a Newsmax writer, has more than a decade covering news, media, and politics.
© 2026 Newsmax. All rights reserved.