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What is the story about?
On Wednesday, President Donald Trump stated that his search for a successor to Federal Reserve Chair Jerome Powell is almost complete and intimated that he has a candidate in mind.
The president stated in a CNBC (international) interview at the World Economic Forum in Davos, Switzerland, that the search, which started in September and initially involved up to 11 candidates, is almost over.
The National Economic Council chairman, Kevin Hassett; former Fed Governor Kevin Warsh; current Governor Christopher Waller; and BlackRock fixed income head Rick Rieder were all thought to be among the finalists. During the interview, Trump commended all of the candidates and called Rieder, who was the last to be interviewed, "impressive".
Also Read: Wall Street rebounds on another TACO trade after Trump backs off on February 1 tariff threat
"We're down to two, but I would say we're down to three. The president said in the short interview, "I think I can tell you that we're down to maybe one." Trump, however, refused to identify the individual.
Hassett is probably out of the running after Trump stated recently that he preferred Hassett to remain at the NEC. The interviews were conducted under the direction of Treasury Secretary Scott Bessent. Trump stated on Wednesday that "Scott only wants to stay where he is," despite previously endorsing Bessent for the Fed position.
After a year of unparalleled turmoil for the central bank, the announcement about the Fed chair is the most recent in a string of dramatic changes in the story.
Powell's departure as chair is very imminent; the next question is whether he will continue to serve as governor for an additional two years. Powell would continue to influence interest rates and monetary policy if he stayed on, and he might serve as a barrier against Trump's attempts to dictate Fed decisions.
The president stated in a CNBC (international) interview at the World Economic Forum in Davos, Switzerland, that the search, which started in September and initially involved up to 11 candidates, is almost over.
The National Economic Council chairman, Kevin Hassett; former Fed Governor Kevin Warsh; current Governor Christopher Waller; and BlackRock fixed income head Rick Rieder were all thought to be among the finalists. During the interview, Trump commended all of the candidates and called Rieder, who was the last to be interviewed, "impressive".
Also Read: Wall Street rebounds on another TACO trade after Trump backs off on February 1 tariff threat
"We're down to two, but I would say we're down to three. The president said in the short interview, "I think I can tell you that we're down to maybe one." Trump, however, refused to identify the individual.
Hassett is probably out of the running after Trump stated recently that he preferred Hassett to remain at the NEC. The interviews were conducted under the direction of Treasury Secretary Scott Bessent. Trump stated on Wednesday that "Scott only wants to stay where he is," despite previously endorsing Bessent for the Fed position.
After a year of unparalleled turmoil for the central bank, the announcement about the Fed chair is the most recent in a string of dramatic changes in the story.
Powell's departure as chair is very imminent; the next question is whether he will continue to serve as governor for an additional two years. Powell would continue to influence interest rates and monetary policy if he stayed on, and he might serve as a barrier against Trump's attempts to dictate Fed decisions.
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