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Treasury Secretary Scott Bessent said President Donald Trump has one more interview to do before naming America’s next leader at the Federal Reserve.
Speaking at the Minnesota Economic Club, where he also addressed a sweeping fraud scandal that has drawn national attention, Bessent said BlackRock Global Fixed Income Chief Investment Officer Rick Rieder is expected to interview with Trump soon.
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The next Fed chair would assume one of the most influential posts in U.S. economic policymaking, overseeing interest-rate decisions and the central bank’s efforts to keep inflation in check.
Trump has narrowed his shortlist to four candidates as he approaches a final decision on leadership at the Federal Reserve: Kevin Hassett, Kevin Warsh, Christopher Waller and Rick Rieder.
The appointment to lead the world’s most powerful central bank comes as persistently high living costs test Trump’s economic agenda.
The Federal Reserve, which sets borrowing costs and influences inflation, remains one of the most consequential institutions for Americans’ day-to-day affordability.
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Kevin Hassett is Trump’s top economic adviser and a loyal defender of the administration’s policies. He currently serves as director of the White House’s National Economic Council, and held two senior roles during Trump’s first term and advised the president on economic policy during the 2024 campaign.
Meanwhile, Kevin Warsh, a former Morgan Stanley banker, has emerged as a vocal critic of current Fed leadership, sharpening his attacks as he positioned himself as a potential replacement for Federal Reserve Chair Jerome Powell. He became the youngest person to serve on the Federal Reserve Board of Governors in 2006.
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Federal Reserve Governor Christopher Waller has repeatedly called for rate cuts, a move that aligns, in part, with Trump’s demands. Of the candidates, he is considered the veteran academic of the group. He has also reiterated the importance of maintaining an independent Federal Reserve.
Powell is expected to finish his term in May 2026. He was appointed to the role by Trump in 2017.
Bessent, who helped shape Trump’s shortlist for the Fed’s top job, said Trump is expected to announce his decision by the end of the month.
