President Trump is focusing on a shortlist to succeed Jerome Powell as Fed chair, with Kevin Warsh, Kevin Hassett, and Christopher Waller as leading candidates. All three are perceived to favor interest rate cuts. The transition is set for May next year, prompting the president to confirm a decision soon to shift attention toward the new appointee. Treasury Secretary Scott Bessent has opted to remain in his position, narrowing the list of possible successors to the Federal Open Market Committee.
President Trump is narrowing his shortlist to replace Jerome Powell as Fed chair. Kevin Warsh, Kevin Hassett, and Christopher Waller are emerging as top contenders—all are seen as more amenable to interest rate cuts.
In 12 months' time a different hand will be guiding the Federal Reserve. Chairman Jerome Powell is due to stand down in May of next year.
Last month the president said he would confirm his decision 'very soon,' potentially in a bid to shift attention toward the incoming Fed chairman and away from Powell.
Bessent's name had been circulating for the role courtesy of his background and close relationship to the president. But yesterday Trump told CNBC: 'I love Scott, but he wants to stay where he is.'
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