Scott Bessent Confirms Five Finalists For Fed Chair Position, Trump Says He Will Decide Before End Of Year: Report

• Bessent added that he expects to conduct one more round of interviews with these candidates before sending the list to President Donald Trump.
• President Trump expects to nominate the Fed Chair by the end of 2025.

U.S. Treasury Secretary Scott Bessent on Monday reportedly confirmed the five finalists for the Federal Reserve Chair job.

According to a CNBC report, Bessent said the five finalists for the Fed’s top job are Fed Vice Chair for Supervision Michelle Bowman and Fed Governor Christopher Waller, National Economic Council director Kevin Hassett, former Fed Governor Kevin Warsh, and BlackRock Fixed Income CIO Rick Rieder.

Speaking to reporters aboard Air Force One, Bessent added that he expects to conduct one more round of interviews with these candidates before sending the list to President Donald Trump.

According to the report, President Trump said he expects to nominate the Fed Chair by the end of 2025.

Trump’s Appointees On Fed’s Board

President Trump currently has three appointees on the Fed's seven-member Board of Governors. This includes Waller, Bowman, and Stephen Miran. However, Miran is an interim appointee in place of former Fed Governor Adriana Kugler, and his term expires in January 2026.

The report noted that Miran is not expected to be reappointed upon the end of his term.

Powell’s Term Ends May 2026

Jerome Powell’s term as the Fed’s Chair ends in May 2026, while his term as the central bank’s governor ends in 2028. He has the option to either step down from the Fed entirely when his term as chair expires in May 2026 or to stay on as governor until 2028.

If Powell steps down, that would allow President Trump to have four appointees on the Fed’s Board of Governors. The seven-member board, along with five regional Federal Reserve presidents, votes during the Federal Open Market Committee (FOMC) meetings.

Meanwhile, U.S. equities rose in Monday morning’s trade. At the time of writing, the SPDR S&P 500 ETF (SPY), which tracks the S&P 500 index, was up 0.87%, the Invesco QQQ Trust ETF (QQQ) gained 1.35%, while the SPDR Dow Jones Industrial Average ETF Trust (DIA) rose 0.54%. Retail sentiment around the S&P 500 ETF on Stocktwits was in the ‘bearish’ territory.

The iShares 7-10 Year Treasury Bond ETF (IEF) was down 0.23% at the time of writing.

Also See: Tesla Chair Warns EV Maker Could Lose Elon Musk If $1 Trillion Pay Package Is Not Approved: Report

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