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Bessent Confirms Five Finalists for Fed Chair as Trump Eyes Year-End Decision

Bessent plans second-round interviews after Thanksgiving before advising the president.

Overview

  • The shortlist comprises Fed governors Christopher Waller and Michelle Bowman, former governor Kevin Warsh, White House adviser Kevin Hassett, and BlackRock executive Rick Rieder.
  • Bessent said he will conduct another round of interviews after Thanksgiving and then present a “good list” to President Trump.
  • Trump told business leaders in Tokyo he is considering Bessent for the Fed post, then said Bessent would stay at Treasury and later added they were not actually considering him.
  • Futures point to a widely expected 25-basis-point rate cut at this week’s FOMC meeting, with odds also favoring another quarter-point reduction in December.
  • Powell’s term runs to May 2026, and early selection of a successor has prompted warnings about a potential lame-duck effect as the White House pushes for faster rate cuts.