Race for the Fed: Five Candidates Compete for Leadership

U.S. Treasury Secretary Scott Bessent is conducting final interviews to suggest a successor for Fed Chair Jerome Powell. Five candidates remain, including White House economic adviser Kevin Hassett and current Fed Governor Christopher Waller. An announcement is likely before Christmas as the decision deadline approaches.

U.S. Treasury Secretary Scott Bessent is in the final stages of selecting a successor for U.S. Federal Reserve Chair Jerome Powell, with five candidates under consideration.

There is a strong likelihood President Donald Trump will announce the new leader before Christmas, according to Bessent.

The contenders include Kevin Hassett, previously an economic adviser to the White House; former Fed Governor Kevin Warsh; current governors Christopher Waller and Michelle Bowman; and Rick Rieder, the CIO for global fixed income at Blackrock.

(With inputs from agencies.)