U.S. Treasury Secretary Scott Bessent said Friday that President Donald Trump will make his pick for the next chair of the Federal Reserve from a shortlist of five finalists, after a round of interviews that has now wrapped up.
Bessent said he expects to present the finalists to Trump after the president returns from a trip to Asia later this month, putting a decision within reach before the end of the year. Jerome Powell's term as chair runs into 2026, but the early selection would give markets a long runway to adjust.
Names reported to be in the mix include National Economic Council director Kevin Hassett, former Fed governor Kevin Warsh, current governor Christopher Waller, Fed vice chair for supervision Michelle Bowman and BlackRock fixed-income chief Rick Rieder.
The choice matters well beyond Washington. The Fed chair sets the tone for interest rates that ripple into mortgages, credit cards and business borrowing across the United States — and into markets from New York to Toronto that take their cues from the U.S. central bank.
