The five candidates are: current Federal Reserve governors Christopher Waller and Michelle Bowman, former Federal Reserve governor Kevin Warsh, White House National Economic Council Director Kevin Hassett, and BlackRock Inc. executive Rick Rieder. Trump himself confirmed to the media that he expects to make a final decision on the nominees by the end of the year.

Written by: Zhang Yaqi

Source: Wall Street Journal

As the term of current Federal Reserve Chairman Jerome Powell approaches its end, the selection process for the next chairman has entered its final stage.

According to reports, Treasury Secretary Becerra stated to the media on Air Force One on Monday that the pool of candidates for the Federal Reserve chairman has been narrowed down to five individuals. They are: current Federal Reserve governors Christopher Waller and Michelle Bowman, former Federal Reserve governor Kevin Warsh, White House National Economic Council Director Kevin Hassett, and BlackRock Inc. executive Rick Rieder.

Becerra revealed that he plans to conduct a new round of interviews and hopes to submit a "list of excellent candidates" to President Trump after the Thanksgiving holiday. Trump himself also confirmed to the media that he expects to make a final decision on the nominees by the end of the year.

This development comes as the Federal Reserve is about to hold a policy meeting. The market widely expects that during the two-day meeting ending on October 29, the Federal Open Market Committee will again lower interest rates by 25 basis points. For investors, the choice of the next Federal Reserve chairman is crucial, as it will directly affect the direction of U.S. monetary policy and the independence of the central bank.

Five Candidates Compete for the Federal Reserve Chair

The five-person list confirmed by Secretary Becerra includes senior figures from within the Federal Reserve, the White House, and Wall Street. Becerra himself is leading the interview process for this selection.

Christopher Waller and Michelle Bowman on the list are both current members of the Federal Reserve Board, possessing extensive experience within the central banking system. Kevin Warsh previously served as a Federal Reserve governor and played an important role during the financial crisis. White House National Economic Council Director Kevin Hassett represents candidates from the government executive branch. The last candidate is Rick Rieder, an executive from asset management giant BlackRock, who will bring important market perspectives to the selection.

Additionally, President Trump reiterated on Monday that he does not expect Secretary Becerra to leave his current position to take over the Federal Reserve.

The timeline for the selection process has become quite clear. Becerra stated that he plans to submit the final list of candidates to the president after conducting more interviews following Thanksgiving.

Trump has publicly set a deadline for making a decision by the end of the year. On Monday, Trump criticized the current chairman Powell, whom he personally appointed, stating that he is "not smart at all," and accused Powell of failing to significantly lower interest rates, which has hindered economic growth.

Expectations for Rate Cuts Become Key Background

The criticism of the current chairman aligns with Trump's long-standing public pressure on monetary policy. Before the Federal Reserve policymakers resumed rate cuts, Trump had expressed his desire for the central bank to lower rates by three percentage points.

Currently, the market widely expects the Federal Reserve to announce a 25 basis point rate cut at this week's meeting, which would mark the second consecutive such action. In this context, the choice of the new chairman not only relates to the future interest rate path of the Federal Reserve but also to its policy independence under political pressure, a core issue closely monitored by investors.

According to existing information, Powell's term as Federal Reserve chairman will end in May next year. The nomination of the next chairman is likely to coincide with the appointment of a 14-year term for a Federal Reserve governor that will become vacant in early 2026.

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