Jerome Powell’s term is expected to end in May, and he will be replaced by someone else chosen by US President Donald Trump. At this point, the balance of power is rapidly shifting in the race for the Fed chairmanship, a position Trump will likely appoint.
While Kevin Hassett and Kevin Warsh were the leading candidates for the FED chairmanship until the final week, the name of FED Board Member Christopher Waller has also started to be mentioned a few days ago.
As the number of potential FED chair candidates continues to rise, another name has emerged.
According to CNBC, Trump will meet with BlackRock Chief Investment Officer (CIO) Rick Rieder regarding the Federal Reserve chairmanship.
According to the news report, Trump will meet with Rick Rieder of BlackRock in the last week of December to discuss the position of FED Chairman.
According to officials who spoke to CNBC, Rick Rieder of Blackrock will be interviewed for the Fed chairmanship in the final week of the year at Mar-a-Lago. It was also noted that Fed Board member Michelle Bowman is no longer a candidate for the position.
According to a senior government official who also spoke to CNBC, on December 19, Federal Reserve member Christopher Waller had a productive meeting with Trump regarding a potential Fed chairmanship position. The meeting took place at the White House.
Trump, however, does not hide his regret over his past choice regarding the Fed chairmanship. The president states that his decision to appoint Jerome Powell in 2017 was the result of “bad advice” and that he will be much more careful this time.
Trump, who has been conducting very rigorous vetting for the FED chairmanship this time, is expected to announce his final decision in January.
Treasury Secretary Scott Bessent also stated that Trump would most likely announce his decision in early January and that the process was entirely at the President’s pace.
*This is not investment advice.