Bessent has narrowed down the candidate pool to the following individuals: current Federal Reserve governors Waller and Bowman, former Federal Reserve governor Warsh, White House National Economic Council Director Hassett, and BlackRock executive Rieder.
Written by: He Hao, Zhao Ying
Source: Wall Street Journal
On Tuesday local time, U.S. President Trump stated that he believes he has selected a candidate for the next Federal Reserve chair, while claiming that someone is preventing him from firing current Federal Reserve Chair Powell. Trump told reporters in the Oval Office, "I think I know who I'm going to pick." However, he did not disclose who it is. "I really want to replace that person right now, but someone is stopping me from doing it."
U.S. Treasury Secretary Scott Bessent, who is responsible for the selection process, stated that he has narrowed the candidate pool to the following individuals:
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 executive Rick Rieder.
Trump said, "We have some surprising names, and some conventional candidates that everyone is discussing. We might go the conventional route. It's also nice to occasionally take the politically correct path."
Bessent indicated that he plans to submit recommendations to Trump after the Thanksgiving holiday and hopes to make a decision by Christmas. Trump has publicly discussed this decision and praised some of the candidates on the list, but has remained vague about whether he leans toward any particular individual.
Bessent stated:
We are initiating some exciting new interviews. After that, some White House officials will conduct interviews, possibly right after Thanksgiving. In mid-December, the president will meet with the final three candidates, hoping to make a decision before Christmas.
Trump reiterated that he hopes Bessent will become the Federal Reserve chair, but the Treasury Secretary enjoys his current role in the government too much to leave. Bessent stated, "I can say for sure that I will not be the Federal Reserve chair."
The new chair will replace current Federal Reserve Chair Powell. Trump has repeatedly criticized Powell, believing he is lowering interest rates too slowly. Powell's term as Federal Reserve chair will end in May next year, but his term as a Federal Reserve governor will not end until 2028.
The next Federal Reserve chair is likely to be appointed to a 14-year term as a Federal Reserve governor starting February 1 next year. The seat currently held by Stephen Miran, who is on unpaid leave from the White House Council of Economic Advisers, will be up for renewal at that time.
The market generally believes that the next Federal Reserve chair will need to carefully balance Trump's demand for lower interest rates with maintaining investor confidence.
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