- Five finalists have been identified for the next Federal Reserve Chair position.
- One more round of interviews will be held before the final list is sent to President Donald Trump.
- The Fed Chair nomination is expected to be made by the end of 2025.
- The current Fed Chair, Jerome Powell, will see his term end in May 2026.
- U.S. markets posted gains on Monday morning as the selection process continued.
U.S. Treasury Secretary Scott Bessent confirmed on Monday that five candidates remain in contention for the next Chair of the Federal Reserve. The announcement comes as the current Chair, Jerome Powell, approaches the end of his term in May 2026.
According to a CNBC report, the shortlist includes Fed Vice Chair for Supervision Michelle Bowman, Fed Governor Christopher Waller, National Economic Council Director Kevin Hassett, former Fed Governor Kevin Warsh, and Rick Rieder, Chief Investment Officer of BlackRock Fixed Income.
“One more round of interviews with these candidates is planned before the list is submitted to President Donald Trump,” Bessent stated while speaking to reporters on Air Force One. President Trump indicated that he aims to nominate the next Fed Chair by the end of 2025.
Currently, President Trump has three appointees on the Fed’s seven-member Board of Governors: Waller, Bowman, and interim appointee Stephen Miran. Miran’s appointment fills the seat left by former Governor Adriana Kugler, with his term expiring in January 2026. The report notes that Miran is not expected to be reappointed.
Once Powell’s term as chair ends in May 2026, he may either step down from the Fed or remain as a board governor until 2028. If Powell leaves entirely, this would permit President Trump to have four appointees on the central bank’s Board of Governors. The board, together with five regional Federal Reserve presidents, determines U.S. monetary policy during Federal Open Market Committee (FOMC) meetings.
In financial markets, U.S. stocks advanced on Monday morning. The SPDR S&P 500 ETF (SPY) rose 0.87%, the Invesco QQQ Trust ETF (QQQ) climbed 1.35%, and the SPDR Dow Jones Industrial Average ETF Trust (DIA) gained 0.54%. Meanwhile, the iShares 7-10 Year Treasury Bond ETF (IEF) declined by 0.23%.
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