US confirms Fed chair finalists ahead of year-end decision
TREASURY Secretary Scott Bessent on Monday (Oct 27) confirmed the names of five finalists to succeed Federal Reserve chair Jerome Powell, with the president saying he expected to make his decision by year-end.
The candidate pool has narrowed to current Fed board members Christopher Waller and Michelle Bowman, former Fed governor Kevin Warsh, White House National Economic Council director Kevin Hassett and BlackRock executive Rick Rieder, Bessent told reporters Monday on Air Force One.
Bessent, who is leading interviews for the position, reiterated that he’s planning to do a further round of interviews, and hopes to present a “good slate” to President Donald Trump after the Thanksgiving holiday.
Trump himself told reporters that he expected to make a decision on the nominee before the end of the year.
“We have a person who is not at all smart right now,” Trump told reporters, reprising his regular criticism of Powell, whom he’s charged with holding back the economy by failing to slash interest rates.
Fed policymakers are widely expected to lower rates at their two-day policy meeting concluding Oct 29, by 25 basis points. That would be the second such move in a row. Before policymakers resumed cutting their benchmark, Trump had said he wanted the central bank to reduce rates by three percentage points.
The president also on Monday reiterated that he didn’t expect Bessent to leave his current post to helm the Fed.
The next chair is likely to be named to a 14-year Fed governor term, which opens up in early 2026. Powell’s term as chair concludes in May.
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