Overview

• Bessent met Rieder in New York on Friday for about two hours, discussing monetary policy, the Fed’s organizational structure and regulatory policy.
• The meeting makes Rieder the fourth candidate interviewed as the administration vets contenders to replace Jerome Powell, whose term ends in May 2026.
• Reports describe Rieder as a rising contender and, like Powell, a nontraditional pick without a PhD in economics.
• Trump has pressed for a leader more aligned with rapid rate cuts, and other names in play include Kevin Hassett, Kevin Warsh and Christopher Waller, with Bessent also meeting Lawrence Lindsey and James Bullard this week.
• The Senate is set to vote Monday on confirming Stephen Miran to the Fed, and markets expect a quarter‑point rate cut at next week’s policy meeting.