Five candidates for Federal Reserve Chair are in the running, Trump says expects to make decision by year-end
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Five candidates for Federal Reserve Chair are in the running, Trump says expects to make decision by year-end
Trump himself confirmed to the media that he expects to make a final decision on the nominee by the end of the year.
Navigating Web3 tides with focused insightsBy Yaqi Zhang, Wall Street Horizon
As the term of current Federal Reserve Chair Jerome Powell nears its end, the selection process for his successor has entered the final stage.
According to reports, Treasury Secretary Bethune told media aboard "Air Force One" on Monday that the list of candidates for the Federal Reserve chairmanship has been narrowed down to five individuals: Federal Reserve Governors Christopher Waller and Michelle Bowman, former Fed Governor Kevin Warsh, White House National Economic Council Director Kevin Hassett, and BlackRock Inc. executive Rick Rieder.
Bethune revealed he plans to conduct another round of interviews and hopes to present President Trump with a "strong slate of candidates" after the Thanksgiving holiday. President Trump himself confirmed to the media that he expects to make a final decision on the nominee before year-end.
This development comes as the Federal Reserve prepares to hold its policy meeting. Markets widely expect the Federal Open Market Committee to cut interest rates by 25 basis points at the two-day meeting ending October 29. For investors, the identity of the next Fed chair is crucial, as it will directly influence the direction of U.S. monetary policy and the central bank's independence.
Five Candidates Vie for Fed Leadership
The five-person shortlist confirmed by Treasury Secretary Bethune includes seasoned figures from within the Federal Reserve, the White House, and Wall Street. Bethune himself is leading the interview phase of the selection process.
Christopher Waller and Michelle Bowman are both current members of the Federal Reserve Board of Governors, bringing deep experience from within the central banking system. Kevin Warsh previously served as a Fed governor and played a significant role during the financial crisis. Kevin Hassett, director of the White House National Economic Council, represents a candidate from the executive branch of government. The final candidate, Rick Rieder from asset management giant BlackRock, brings an important market-oriented perspective to the selection.
In addition, President Trump reiterated on Monday that he does not expect Treasury Secretary Bethune to leave his current post to lead the Federal Reserve.
The timeline for the selection process has become increasingly clear. Bethune said he plans to submit the final list of candidates to the president after conducting additional interviews following the Thanksgiving holiday.
Trump has publicly set a deadline to make his decision by year-end. On Monday, while speaking to reporters, Trump once again criticized Powell—whom he personally appointed—calling him "not at all smart" and blaming him for failing to deliver substantial rate cuts that would boost economic growth.
Rate Cut Expectations Set Key Context
The criticism of the current chair aligns with Trump’s long-standing pattern of public pressure on monetary policy. Prior to the Fed resuming rate cuts, Trump stated he wanted the central bank to lower rates by three percentage points.
Currently, markets broadly anticipate the Fed will announce a 25-basis-point rate cut at this week’s meeting—the second consecutive such move. Against this backdrop, the choice of a new chair matters not only for the future path of interest rates but also for the Fed’s policy independence amid political pressures—an issue closely watched by investors.
Based on current information, Powell’s term as Fed chair is set to expire in May next year. The appointment of the next chair will likely be combined with a 14-year term on the Federal Reserve Board that will become vacant in early 2026.
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