Trump said "I already know my Fed chair pick," Blackstone: Could be announced before Christmas
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Trump said "I already know my Fed chair pick," Blackstone: Could be announced before Christmas
Bessent has narrowed the candidate list to the following individuals: current Federal Reserve Board members Waller and Bowman, former Federal Reserve Board member Warsh, White House National Economic Council Director Hassett, and BlackRock executive Reed.
Navigating Web3 tides with focused insightsAuthors: He Hao, Zhao Ying
Source: Wall Street Insights
On Tuesday local time, U.S. President Trump said he believes he has already chosen the next Federal Reserve chair, while claiming someone is preventing him from firing current Fed Chair Powell. Speaking to reporters in the Oval Office, Trump said: "I think I know who I'm going to pick." But he did not reveal the person's name. "I really want to replace the current one right away, but someone is stopping me from doing so."
U.S. Treasury Secretary Scott Bessent, who is leading the selection process, said he has narrowed down the candidates to the following:
Current Fed Governors Christopher Waller and Michelle Bowman, former Fed Governor Kevin Warsh, White House National Economic Council Director Kevin Hassett, and BlackRock executive Rick Rieder.
Trump said: "We have some surprising names, and also some conventional ones that everyone's talking about. We might go the conventional route. Occasionally taking the politically correct path isn't bad."
Bessent said he plans to present recommendations to Trump after the Thanksgiving holiday and hopes a decision can be made by Christmas. Trump has publicly discussed the decision and praised some of the candidates on the list, but has remained vague about any specific preference.
Bessent said:
We're launching new and exciting interviews. After that, some officials from the White House will conduct interviews, possibly right after Thanksgiving, and by mid-December, the president will meet with the final three candidates, hoping to make a decision before Christmas.
Trump reiterated that he wants Bessent to become Fed chair, but the Treasury secretary enjoys his current role in government too much to leave. Bessent said, "It's safe to say I will not be the Fed chair."
The new chair will replace current Fed Chair Powell. Trump has repeatedly criticized Powell for cutting interest rates too slowly. Powell's term as Fed chair ends in May next year, though his term as a Fed governor runs until 2028.
The next Fed chair is likely to be appointed to a 14-year term as a Fed governor starting February 1 next year, filling the seat currently held by Stephen Miran, who is currently on unpaid leave from the White House Council of Economic Advisers.
The market widely believes the next Fed chair will need to carefully balance meeting Trump's desire for lower interest rates with maintaining investor confidence.
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