"Bessent disclosed that he's trimmed the initial list of 11 candidates he interviewed to five, while also clarifying that he will not be the next chair. He declined to say whether supporting lower interest rates was a requirement, noting instead that he looks for a candidate with an open mind."
"CNBC previously reported on Oct. 10 that the five candidates are Michelle Bowman, the Fed's vice chair for supervision; Fed Governor Christopher Waller; Kevin Hassett, director of the National Economic Council; former Fed Governor Kevin Warsh; and BlackRock executive Rick Rieder."
"The pending decision comes at a time when Trump has repeatedly engaged in contentious debate with the Federal Reserve. Trump has criticized Fed Chair Jerome Powell, saying he should cut interest rates by 3 percentage points, and he has attempted to fire Fed Governor Lisa Cook over what he described as mortgage fraud, allegations that Cook has denied. It's likely that the nominee will first be appointed as a Federal Reserve governor, then later nominated as Fed chair."
Bessent trimmed his initial list of 11 Fed chair candidates to five and clarified that he will not be the next chair. He declined to say whether supporting lower interest rates was a requirement and said he looks for a candidate with an open mind. The five candidates are Michelle Bowman, Christopher Waller, Kevin Hassett, Kevin Warsh, and Rick Rieder. The decision comes amid repeated, contentious exchanges between Trump and the Federal Reserve, including criticism of Chair Jerome Powell and an attempt to fire Governor Lisa Cook. A nominee would likely first be appointed as a Fed governor, then later nominated as Fed chair, with timing influenced by expiring seat terms.
Read at www.housingwire.com
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