Scott Bessent Says Trump Likely To Name New Fed Chair Nominee Before Christmas – ‘Things Are Moving Along Very Well’

• Five candidates are in the second-round interview process.
• U.S. Treasury Secretary Scott Bessent said there’s a “very good chance” that President Trump will announce his nominee for the next Federal Reserve chair before Christmas. 
• He added that should the President choose to make his choice known after the New Year, it’s his “prerogative.”

U.S. Treasury Secretary Scott Bessent reportedly said on Tuesday there is a “very good chance” President Donald Trump will announce his nominee for the next Federal Reserve chair before the Christmas holidays.

“So we're going to have the last interview in the second round today. Andrew, we got five very strong candidates. I am impressed with all of them,” Bessent said during an interview with CNBC. “Things are moving along very well.”

“I think that there's very, very good chance that the President will make an announcement before Christmas, but it's his prerogative whether it's before the holidays or in the new year.”
Scott Bessent, Treasury Secretary, United States of America

The Hunt For A New Fed Chair

Trump has made no secret of his desire to lower interest rates and has expressed his frustration with the current Federal Reserve chief, Jerome Powell, on numerous occasions. The President even threatened to fire the official from his post earlier this year, but later retracted his statement, saying he would wait for Powell to serve out his term until May 2026.

Stephen Miran, currently on the Federal Reserve board, was also nominated by Trump in August to replace Adrian Kugler, who had resigned. 

In August, it was reported that Trump was weighing 11 candidates for the Fed Chair role. Bessent stated that there are currently five candidates in the second-round interviews, with the final interview scheduled for today. 

Trump To Meet Xi Four Times In 2026

Bessent also provided an update on the phone call between Trump and Chinese President Xi Jinping on Monday. He stated that President Trump initiated a call with Chinese President Xi Jinping, timing it to be approximately 30 days after the meeting in Busan, South Korea.

He added that Chinese purchases of U.S. soybeans are proceeding “right on schedule,” noting that over the next three and a half years, at least 87.5 million metric tons of soybeans are expected to be purchased by China.

Bessent outlined that Xi and Trump are expected to meet four times in 2026 – Trump’s state visit to Beijing, Xi’s visit to the U.S., Xi’s attendance at the G20 at Doral, and Trump’s potential participation in the APEC summit in Shenzhen. Bessent said these meetings provide “great stability,” benefiting both the U.S. and the global economy.

Gains in U.S. equities were tepid in pre-market trade on Tuesday. The SPDR S&P 500 ETF (SPY) was up 0.09%, the SPDR Dow Jones Industrial Average ETF (DIA) gained 0.15%, and the Nasdaq-100 tracking Invesco QQQ Trust (QQQ) moved 0.01% higher. Retail sentiment around QQQ on Stocktwits trended in ‘neutral’ over the past day, with chatter at ‘high’ levels.

Meanwhile, the iShares 7-10 Treasury Bond ETF (IEF) edged 0.12% higher in pre-market trade. Retail sentiment around the fund trended in ‘bullish’ territory over the past day, as chatter remained at ‘high’ levels.

Read also: Bitcoin Reclaims $87,000 With XRP, Solana And Ethereum Leading Gains – Trend Reversal May Be Short-Term, Says Analyst

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