Treasury Seeks Fed Chair Among Bowman, Jefferson, Logan

The race to become the next Chair of the U.S. Federal Reserve is intensifying as President Donald Trump prepares to nominate a successor to Jerome Powell, whose term ends in May 2026. Key candidates under consideration include Federal Reserve Vice Chairs Michelle Bowman and Philip Jefferson, Dallas Fed President Lorie Logan, and other contenders such as Kevin Hassett, Christopher Waller, Kevin Warsh, James Bullard, and economist Marc Sumerlin. Trump, who has been pressuring Powell to lower interest rates, may announce his choice this fall, with Treasury Secretary Scott Bessent leading the search. Bowman and Waller have recently dissented at Federal Open Market Committee meetings in favor of rate cuts, aligning with Trump's preference, while Logan has taken a more hawkish stance, and Jefferson has generally supported maintaining current policy. Additionally, Trump has nominated Stephen Miran to fill a recent Fed board vacancy, potentially positioning him as a temporary appointee until the next chair is confirmed. Market expectations point toward an interest rate cut as early as September, influenced by weakening labor market data and the ongoing debate over inflation control.