CNBC's Steve Liesman joins 'Squawk on the Street' to discuss the latest news on the search for a successor to Fed Chair Jerome Powell.

The Trump administration is currently evaluating 11 potential candidates to succeed Federal Reserve Chair Jay Powell when his term expires. Among these are three newly revealed contenders: David Zervos, Larry Lindsey, and Rick Reader, who join a list that includes current and former Fed officials as well as economic advisors.

The selection process is described as deliberative, with Treasury Secretary Scott Besson set to interview all candidates before narrowing the field for the president's final decision. The timeline for an announcement remains unclear, and the process suggests that a decision is not imminent. The administration is also considering additional appointments to the Federal Reserve Board, which could further shape the central bank's direction.

Trump expands search for next Federal Reserve chair

Speaking of the Fed, let's turn to Steve Leisman because we have some new potential replacements for Chair Powell that are being floated. Mr. Leisman broke that story. He's got the details for us, Steve. Yeah, good morning, David. CNBC learning that the Trump administration currently considering 11 candidates. That includes three names that have not previously been disclosed. All those to replace Federal Reserve Chairman Jay Powell when his term expires in May. According to two administration officials, the three new names include Jeffrey's chief market strategist David Zervos, former Fed Governor Larry Lindsey and Rick Reader, well known to CNBC viewers, all of them, by the way, but Rick Reader, the chief investment officer for fixed income at BlackRock. They now join a list of eight other candidates that CNBC has confirmed are under consideration, including several current and former Fed officials, along with NEC Director Kevin Hassett and former Fed Governor Kevin Warsh. The officials described a, quote, deliberative process now taking place where Treasury Secretary Scott Besson will interview all the candidates, winnow down the list and pass it on to the finalists to the president for his decision. The size of the list and the process described suggest a decision is not imminent, but the officials would not offer a timetable. The longer this takes, the less likely there is to be a so-called potentially disruptive shadow Fed chair in place for several months before the chair's term ends. Though sharply critical on an almost daily basis of Powell for his failures to lower rates, President Trump has recently backed off the threat to fire the chair. And many of the candidates they've advocated for rate cuts and reform at the Fed, but have also supported in different ways the Fed's independence from the executive branch. Guys, tomorrow, right here on this show, Squawk on the Street, we'll be live from St. Louis for an exclusive conversation with St. Louis Fed President Alberto Mussolini. Guys? Steve, just want to go through all the openings and the options that the president is going to have with the Fed, right? Because so he's just he's just appointed Stephen Myron to finish out the Kugler term. But then theoretically, if he doesn't reappoint him, that's an opening as governor. Right. And then there's the Fed chair position next May. But Powell may stay on as governor. So can you just talk about how many options he has here with all of these nominees and ideas? Yeah, I mean, my expectation is Powell will not stay on as a governor. I think he'll follow the tradition of the chair stepping down from both positions, stepping away from the board and perhaps enjoying a little time off after several tumultuous and very difficult years as Fed chair. So the president will have two open seats, is my expectation. I also understand that the more permanent replacement for the Kugler position being occupied by Myron will follow the decision on the Fed chair. So that will come later. And so at the end of the day, the Fed chair will have, depending upon if there are other people who resign, four of the seven board seats. So he'll have a good majority there. And whether or not those board seats are are followed by or supported by in their rate decisions by the president's, they could do be more dovish than otherwise expected. But what's interesting, Sarah, look at the trade in the market. The two year obviously has been dovish in terms of the outlook for the Fed. Ten year, a little bit more circumspect, a little bit more sort of stuck in that zone, as you see there. And looking at the Fed funds trade, there's a 100 percent chance of a rate cut in September, but now a little bit of tiny toying with the possibility of a 50 in September. I'm looking at Polly Market. Waller still got the lead. Thirty two percent odds on that. Thank you, Steve. Steve Leisman.

At least 123 people have been killed in 24 hours, according to Gaza's Health Ministry. Israeli Prime Minister Benjamin Netanyahu says people will be given the opportunity to leave Gaza before a planned ground offensive, but no one is being pushed out.

Jerusalem

Middle East Conflict

Israeli strikes pound Gaza ahead of planned ground offensive

America's NATO allies stood firmly with Ukrainian President Volodymyr Zelenskyy ahead of the face-to-face meeting between President Trump and Russian President Vladimir Putin in Alaska. The European leaders showed a united front that there should be no peace deal without Ukraine's involvement.

Kyiv

Ukraine Invasion

NATO allies stand with Ukraine ahead of Trump-Putin summit

U.S. Immigration and Customs Enforcement must improve conditions for detainees at New York's 26 Federal Plaza, a judge ruled Tuesday.

New York

Judge rules ICE must improve conditions for detainees at NY facility

National Guard troops arrived in Washington, D.C., following President Donald Trump's deployment and federalization of local police to crack down on crime in the nation's capital.

Washington

National Guard troops arrive in Washington, D.C.

U.S. President Donald Trump said that he had a "very good call" with Ukrainian President Volodymyr Zelenskyy, days before his scheduled Alaska meeting with Russian President Vladimir Putin.

Trump had 'very good call' with Zelenskyy ahead of Putin meeting

Israel's military chief of staff, Lt. Gen. Eyal Zamir, has approved the framework of a plan for a new offensive in Gaza. CBS News Middle East reporter Courtney Kealy has more details.

Israeli military chief approves 'framework' for new Gaza offensive

President Donald Trump said Wednesday there will be “very severe consequences” if Russian President Vladimir Putin doesn’t agree to stop the Ukraine war after Friday’s summit.

Trump warns of 'severe consequences' if Russia doesn't stop war

A Wisconsin woman on Tuesday was found guilty in the United Kingdom of trying to kill a man at point-blank range in 2019. Aimee Betro, 45, was part of a plot with two other co-conspirators to murder Sikander Ali, prosecutors said.

Birmingham

American woman found guilty of UK murder-for-hire plot

Record-high temperatures across Europe are fanning wildfires across the continent. Experts say a warming climate and an increase in flammable vegetation from rural depopulation are major factors.

Madrid

Historic heat fuels fires across Europe

Hungary's PM Viktor Orbán said the EU attempts to set conditions for a meeting to which leaders of the EU were not invited. He also called for an EU-Russia summit.

Brussels

EU leaders rally behind Ukraine ahead of Trump-Putin talks

President Trump said Monday he expects that Russia and Ukraine will "land swap" certain territories as part of an eventual ceasefire deal. Mr. Trump is set to meet with Russian President Vladimir Putin in Alaska on Friday.

Trump claims 'land swapping' between Russia, Ukraine will happen

Taylor Swift confirmed her 12th studio album, "The Life of a Showgirl," in a teaser for her upcoming appearance on her boyfriend Travis Kelce's podcast. Swift did not disclose the release date of the album.

Taylor Swift announces new album, 'The Life of a Showgirl'

U.S. President Donald Trump said that his planned meeting with Russian President Vladimir Putin in Alaska on Friday will be to "feel out" the leader as pressure mounts for Russia and Ukraine to make a peace deal.

Trump to meet with Putin in Alaska on Friday

A meeting between US President Donald Trump and Russian President Vladimir Putin is set to take place in Alaska, with European leaders notably excluded from the talks. Until Europe can defend itself, it's not likely to be invited to a great power dialogue, experts have told Euronews.

Alaska

Europe frozen out as U.S. and Russia prepare for Alaska talks

U.S. President Donald Trump said on Monday that Kyiv and Moscow will both have to cede land to end the war in Ukraine and talks with Russian President Vladimir Putin this week will instantly show whether the Kremlin leader is willing to make a deal.

Trump says both sides in Ukraine war will need to cede territory

A prominent Al Jazeera journalist, who had previously been threatened by Israel, was killed along with four colleagues and another journalist in an Israeli airstrike in an attack condemned by journalists and rights groups.

Israeli strike kills Al Jazeera journalists in Gaza

At last one person is dead, dozens are injured and two people are unaccounted for after an explosion at the U.S. Steel Clairton plant in Pennsylvania on Monday.

Clairton

At least 1 dead, dozens injured in U.S. Steel plant explosion

President Donald Trump has placed the Metropolitan Police Department under federal control and announced he's activating the National Guard to combat crime in Washington, D.C.

Trump deploying National Guard to Washington, D.C.

Ukrainian President Volodymyr Zelenskyy is thanking European leaders for backing his push to join this week's Trump-Putin summit in Alaska, insisting an end to the war must be fair.

Trump and Putin set to meet on Friday without Zelenskyy

U.S. President Donald Trump and Russian President Vladimir Putin are scheduled to meet in Alaska on Friday to discuss ending the war in Ukraine. Kyiv and its allies fear being sidelined and worry any deal could reward Moscow’s occupation of Ukrainian territory.

Ukraine fights for a seat at the table ahead of Trump-Putin summit

Israeli Prime Minister Benjamin Netanyahu is defending his decision to keep fighting in Gaza, despite protests at home and abroad. Debora Patta has the latest.

Tel Aviv-Yafo

Netanyahu defends plan to expand war in Gaza

Ukrainian President Volodymyr Zelenskyy is thanking European leaders for backing his push to join this week's Trump-Putin summit in Alaska, insisting an end to the war must be fair. Willie James Inman has more from the White House.

Anchorage

Countdown begins to Trump-Putin meeting, without Zelenskyy

Violent weather hit several Midwest states over the weekend, with high winds being blamed for the death of at least one person in Nebraska and flash flooding prompting a state of emergency in Milwaukee County, Wisconsin.

Milwaukee

Milwaukee inundated with floodwaters, one dead in Nebraska

Thirty-seven major wildfires are currently burning across nine states in the western United States. Firefighters have made significant progress on the Canyon Fire in California, achieving 62% containment and allowing over 4,000 residents to return home, with minimal property loss reported.

Major fires continue to burn across western U.S.

President Donald Trump's envoy met with the Qatari prime minister on Saturday in Spain to discuss possible deals to end the Israel-Hamas war in Gaza, as Israel's military plans to expand into Gaza City. Meanwhile, families of Israeli hostages and Palestinians alike are pleading for peace.

Families of Israeli hostages, Palestinians plead for ceasefire

Renewed anti-government protests have taken place in Israel, where relatives and supporters of Israeli hostages held by Hamas demanded their release and an end to the brutal war Israel has been waging in Gaza.

Israeli anti-government protesters take to the streets in Tel Aviv

Ukraine's President Volodymyr Zelenskiy said that Kyiv "values and fully supports" a joint statement by European leaders that welcomed U.S. President Donald Trump's efforts to try to end the war, while emphasizing the need to pressure Russia and provide security guarantees for Kyiv.

Europe stresses need to protect Ukraine ahead of Trump-Putin meet

Ukrainian President Zelenskyy has firmly rejected Russia’s proposal requiring land concessions to end the war. Ukrainian and European officials have submitted a counterproposal to Washington.

Breakdown