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Bessent Confirms Five Finalists for Fed Chair, Sets Second-Round Interviews

The search now puts the direction of monetary policy in sharper focus with investors expecting a rate cut this week.

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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

  • Treasury Secretary Scott Bessent named five finalists to replace Jerome Powell: Fed Governors Christopher Waller and Michelle Bowman, White House economic adviser Kevin Hassett, former Fed Governor Kevin Warsh, and BlackRock executive Rick Rieder.
  • Bessent said he will conduct a second round of interviews and plans to present a slate to President Trump after Thanksgiving, with Trump saying he expects to choose a nominee by year-end.
  • Powell’s chair term ends in May 2026, though he could remain on the Board through January 2028, and any successor will require Senate confirmation.
  • One pathway described in reporting is for Trump to nominate his pick to the Fed seat now held by Stephen Miran, then elevate that person to chair when Powell’s term ends.
  • Markets largely expect the Fed to cut rates by 25 basis points on Wednesday, and Waller confirmed he has been interviewed and would serve if selected.