Trump Narrows Federal Reserve Chair Candidates to Five Ahead of Powell Exit

President Donald Trump has openly criticized Federal Reserve Chairman Jerome Powell, calling him incompetent and signaling his intent to replace him when Powell's term ends in May 2026. Treasury Secretary Scott Bessent has narrowed the list of potential successors to five finalists: Christopher Waller, Michelle Bowman, Kevin Hassett, Kevin Warsh, and Rick Rieder, with final interviews scheduled after Thanksgiving and a decision expected by year-end or early next year. Trump has expressed urgency in appointing a new Fed Chair to better address economic challenges, including anticipated rate cuts aimed at supporting the labor market amid concerns over inflation and economic slowdown. Powell has faced criticism for his cautious approach to interest rate cuts, while the Fed is expected to reduce rates by 25 basis points in upcoming meetings. The new Fed Chair will be tasked with navigating complex monetary policies as the central bank aims to balance inflation control with economic growth. This leadership transition highlights the administration's focus on steering U.S. monetary policy during a critical period.