U.S. President Donald Trump may announce the next Federal Reserve Chair before Christmas, Treasury Secretary Scott Bessent said in an interview with Fox News. The decision is about replacing Jerome Powell, whose term ends in May 2026.
Trump may choose from five candidates after several interviews. As a result, this news has caught attention from Washington and financial markets. The process includes narrowing the list to three finalists and meeting them personally.
Bessent told Fox News that another round of interviews will happen soon. After that, White House officials will also conduct their interviews. “Probably right after Thanksgiving, the president will meet the final three candidates and hopefully have an answer before Christmas,” he said. The five people being considered are Fed Governors Christopher Waller and Michelle Bowman, Kevin Warsh, Kevin Hassett, and BlackRock CIO Rick Rieder.
Bessent confirmed he will not take the Fed Chair position. Instead, he said he prefers to stay as Treasury Secretary. Furthermore, Trump also said Bessent is not being considered. “I liked him, but he’s not going to take the job. He refused. You like Treasury better, right?” Trump told Fox News.
If Trump does make a choice this year, Kevin Hassett is currently the favorite. Meanwhile, crypto traders are betting that Trump might not announce a selection before the year ends.
Data from Polymarket shows a 41% chance of no announcement. However, if a pick is made, Hassett has a 41% chance, Waller 22%, Rieder 13% and Kevin Warsh 15%. Notably, Hassett expects the Fed to lower rates by 25 basis points at the December FOMC meeting.
Who wll Trump nominate as Fed Chair | Source: PolyMarket
Bessent joined Trump for a meeting with Saudi Crown Prince Mohammed bin Salman. During the visit, the prince pledged nearly $1 trillion in U.S. investments over the next year.
According to Bessent, America’s military strength, strong economy, and technology are key reasons for the investment. He praised Trump’s handling of the meeting. “The president was at his best during the crown prince’s visit,” Bessent said.
That said, the final decision is expected in mid-December. Consequently, this news has kept markets and politicians closely watching the White House.
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