All eyes are on the Fed’s October interest rate decision this week. While the market is certain that the Fed will cut interest rates by 25 basis points, there’s also speculation about whether a surprise decision will be made.
While the FED decision is eagerly awaited in all markets, including cryptocurrency markets, US President Donald Trump and his team have narrowed down the list of candidates for the FED presidency to five.
The shortlist of candidates to replace current Fed Chair Jerome Powell has been narrowed down to five people, according to Bloomberg.
According to the news, US Treasury Secretary Scott Bessent announced that five names were shortlisted in the nomination process for the Fed Presidency.
Bessent stated that the final list includes “Fed board member Christopher Waller, former Fed Chairman Kevin Warsh, White House economic advisor Kevin Hassett, Fed member Michelle Bowman and BlackRock executive Rick Rieder.”
Bessent told reporters aboard Air Force One that a second round of interviews will be held and that he plans to present a list of finalists to President Trump after the Thanksgiving holiday.
While Treasury Secretary Bessent is managing the process for Fed chair candidates, President Trump said in a statement that a decision on the next Fed chair could be made by the end of the year.
Speaking at the ASEAN (Association of Southeast Asian Nations) Summit, Trump made important statements.
Criticizing the current Fed chair, Trump said, “We have someone who is not smart at all right now,” and added that he expects to announce the new Fed chair before the end of the year.
Trump also emphasized that Bessent is not expected to leave the Treasury Department to become Fed chairman.
Highlights from US President Donald Trump’s statements are listed as follows:
- We can make our decision regarding the FED by the end of the year.
- I think we will reach an agreement with China.
- I haven’t really considered running for a third term in 2028.
- We had a bad time with Elon Musk, but now our relationship is good.
- “I am ready to extend my trip to meet with North Korean leader Kim Jong Un.”
*This is not investment advice.