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10h ago

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

A second round of interviews will lead to a post‑Thanksgiving slate for the president, positioning a choice that could reshape the Fed’s policy direction and market expectations into 2026.

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The Federal Reserve building in Washington, D.C., U.S., September 16, 2025. REUTERS/Aaron Schwartz
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Treasury Secretary Scott Bessent, left, speaks to reporters as President Donald Trump, right, listens aboard Air Force One while traveling from Kuala Lumpur, Malaysia, to Tokyo, Japan, Monday, Oct. 27, 2025. (AP Photo/Mark Schiefelbein)

Overview

  • The finalists are Fed governors Christopher Waller and Michelle Bowman, former governor Kevin Warsh, White House economic adviser Kevin Hassett, and BlackRock executive Rick Rieder.
  • Treasury Secretary Scott Bessent said he will conduct another round of interviews and present recommendations to President Trump after Thanksgiving, with Trump saying he expects to name a replacement by year’s end.
  • Jerome Powell’s chair term ends in May 2026, and he could remain a governor until 2028, which affects which board seat the White House can fill and when.
  • Prediction markets tracked by Axios currently show Kevin Hassett as the favorite, with Waller, Warsh, Rieder and Bowman trailing at lower odds.
  • The selection comes as Trump intensifies criticism of Powell and as Bessent presses for a review of unconventional Fed tools, with separate litigation over the administration’s attempt to remove Governor Lisa Cook adding uncertainty to board composition.