U.S. Treasury Secretary Scott Bessent has provided an update on the screening process for the next Fed chair, stating that the shortlist is down to five names. This list is believed to consist of pro-crypto individuals, including Fed Governor Chris Waller.
Fed Chair Shortlist Down To Five Names
Speaking at CNBC’s Invest in America Forum, Bessent said they have narrowed the Fed chair candidates to five names and that the next round of interviews will take place after the Asia trip. The Treasury Secretary also expects to present three to four names to U.S. President Donald Trump after the next interview.
CoinGape had earlier reported that the Trump administration was considering 11 candidates for the role, including Fed officials Michelle Bowman, Chris Waller, and Philip Jefferson. However, it is now down to just five candidates, though the Treasury secretary didn’t name them.
Bessent said that he plans to present these names sometime after Thanksgiving for Trump to interview them and then decide on who will be Jerome Powell’s successor. He noted that the president will take input from hundreds of people before he makes a decision.
Meanwhile, Bessent said that one of the criteria for becoming the next Fed chair is having an “open mind” regarding monetary policy. Notably, Trump had consistently criticized Jerome Powell for being so adamant about cutting rates earlier in the year.
Hassett Emerges As Favorite For The Role
Polymarket data shows that Kevin Hassett is currently the favorite to become the next Fed chair. There is currently a 35% chance that he will succeed Powell. Meanwhile, there is a 19% chance that Trump will nominate Kevin Warsh and a 13% chance that Chris Waller will get the nod.
Source: PolymarketHowever, Polymarket traders are betting that Trump won’t nominate anyone this year. There is a 55% chance this will be the case, while Waller is the favorite if the U.S. president’s Fed chair nomination comes this year.
Source: PolymarketThe Fed Governor had confirmed last week that he had a “great interview” with Bessent and that it was strictly about monetary policy, with nothing political. This came as he again reiterated his support for more Fed rate cuts this year.
According to CNBC, Waller is one of the five finalists alongside fellow Fed Governor Michelle Bowman, Kevin Warsh, Kevin Hassett, and BlackRock’s Fixed Income Chief Investment Officer (CIO) Rick Rieder.
Source: https://coingape.com/fed-chair-shortlist-now-down-to-five-candidates-scott-bessent-confirms/
