Bessent Names Five Finalists for Fed Chair; Trump Decision Expected This Year

Treasury Secretary Scott Bessent has announced a shortlist of five finalists for the next Federal Reserve Chair to succeed Jerome Powell, with President Trump expected to make a decision by the end of the year. The finalists include current Fed Governors Christopher Waller and Michelle Bowman, former Fed Governor Kevin Warsh, White House National Economic Council Director Kevin Hassett, and BlackRock executive Rick Rieder. Despite Powell's term running until May 2026, Trump has criticized him as "not at all smart" and has expressed a desire for a Fed chair more aligned with his economic agenda, particularly on interest rate cuts. Bessent plans a second round of interviews before presenting the final slate to Trump after Thanksgiving. Trump has also mentioned other potential candidates, including Bessent himself, Secretary of State Marco Rubio, and U.S. Trade Representative Jamieson Greer, though their candidacies remain uncertain. The Federal Open Market Committee is expected to lower interest rates soon, reflecting ongoing economic considerations amid leadership changes at the Fed.