BlackRock’s Rick Rieder Emerges as Fed Chair Contender

Rick Rieder, BlackRock's Chief Investment Officer, is emerging as a leading contender to succeed Jerome Powell as Federal Reserve Chair when Powell's term ends in May 2026. Treasury Secretary Scott Bessent has conducted a two-hour interview with Rieder, discussing monetary policy, the Fed's organizational structure, and regulatory issues, and has expressed strong approval of Rieder's extensive market experience and forward-looking economic analysis. Rieder's credibility and communication skills have made him a favored candidate, with some viewing him as capable of instilling confidence in the bond market. Bessent has interviewed four of the eleven publicly identified candidates and plans to present President Trump with a shortlist later this fall. Other notable candidates include Fed Governor Christopher Waller, who currently leads the race, followed by National Economic Council Director Kevin Hassett and former Fed Governor Kevin Warsh. The selection process remains ongoing, with additional candidates likely to be considered.