Following a comprehensive interview process, US Treasury Secretary Scott Bessent has narrowed down his shortlist of candidates for the Fed Chair position from 11 to five. The final candidate is expected to be announced in January, but it has been reported that this candidate may not take over immediately.
According to senior Treasury officials, the five finalists include current Fed officials Michelle Bowman, Vice Chair for Supervision, and Board Member Christopher Waller. The other candidates announced are National Economic Council Director Kevin Hassett, former Fed Governor Kevin Warsh, and BlackRock Chief Investment Officer Rick Rieder.
The Treasury Department plans to hold a second round of interviews with all candidates in the coming weeks. The interviews will include Bessent, two senior Treasury officials, and two White House officials. However, the process may be delayed beyond Thanksgiving because Bessent is scheduled to attend World Bank/IMF meetings in Washington next week and then embark on a tour of Asia with the President.
Following the completion of the interviews, Bessent is expected to narrow down the list and present it to President Trump. The final selection will reportedly be made by Trump, who will likely be nominated first for the Fed governorship and then for the Fed chair.
*This is not investment advice.