White House moves toward final interviews for next Federal Reserve chair
The White House is entering its final round of interviews to determine who will replace Jerome Powell as Federal Reserve chair in May.
President Donald Trump and Treasury Secretary Scott Bessent are scheduled to meet former Fed governor Kevin Warsh on Wednesday, with two additional finalists to follow, reports Cryptopolitan.
Candidates include Fed governors Christopher Waller and Michelle Bowman, alongside BlackRock CIO Rick Rieder. According to administration officials, National Economic Council director Kevin Hassett remains the early favorite but is not guaranteed the role. Investors have expressed concern that Hassett may support aggressive rate cuts viewed as politically influenced. Still, the administration insists the competition remains open as interviews continue into next week.
Hassett leads the field as internal debate grows over rate-cut risks
Hassett’s close relationship with President Trump has fueled anxiety among bond-market analysts who fear “unwarranted” cuts could destabilize the $30 trillion Treasury market. Treasury staff and traders have privately warned that rapid reductions may reignite inflation and undermine financial stability. Nonetheless, officials say the White House is weighing multiple options, including a shortened Fed chair term for Hassett if chosen.
Secretary Bessent previously provided Trump with a shortlist that included Hassett and Warsh, with two additional finalists to be selected from Waller, Bowman and Rieder. Trump hinted he already has a preferred candidate, telling reporters aboard Air Force One that he had a “pretty good idea” of his choice. A final decision is expected in early January pending further interviews and internal reviews.
Prediction markets shift as Trump hints at preferred candidate
Trump’s recent reference to Hassett as a “potential Fed chair” caused prediction-market odds for him to surge to 85% on platforms such as Kalshi and Polymarket before easing to around 72%. Warsh currently sits near 13% odds, while Waller holds about 5%. The shifts come as Trump intensifies his criticism of Powell, accusing the Fed of moving too slowly on rate cuts despite reductions in September and October.
Speaking separately at a Wall Street Journal event, Hassett stressed that the Fed chair’s most important responsibility is to remain data-driven and apolitical. Trump also revived controversy by suggesting that President Biden’s Fed appointments may have been approved via “autopen,” implying they might not be legitimate. The remarks add further volatility as markets await the Fed’s expected third rate cut on Wednesday.
Recently we wrote that the presidential administration is preparing to choose the next Chair of the Federal Reserve — a decision that could reshape U.S. monetary policy and set the tone for the entire market of risk assets.
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