Race for the Fed Chair: Narrowing Down the Candidates

U.S. Treasury Secretary Scott Bessent is interviewing candidates to replace Federal Reserve Chair Jerome Powell, whose term ends in May 2026. Bessent plans to complete interviews by next week and then narrow down the list before recommending a candidate to President Donald Trump.

In a significant step towards choosing the next Federal Reserve chair, U.S. Treasury Secretary Scott Bessent announced that he will conclude interviews with 10 candidates by the end of next week. The list includes current Federal Reserve board members and regional bank presidents.

Once interviews are completed, Bessent aims to narrow the field, potentially creating two or three shortlists, before recommending a candidate to President Donald Trump. The urgency is palpable as Jerome Powell's term expires in May 2026.

As speculation swirls, Bessent categorically ruled himself out as a contender for the role. He's content in his current position at the Treasury and emphasized that President Trump also values his current role. "I like where I am," Bessent stated confidently.

(With inputs from agencies.)