Trump set to interview this final candidate before naming next Fed chair

• Four finalists remain: Rick Rieder (BlackRock Fixed Income CIO), Kevin Hassett (current White House National Economic Council director), Kevin Warsh (former Fed governor and Morgan Stanley banker), and Christopher Waller (current Fed governor who has called for rate cuts)
• The next Fed chair will oversee interest-rate decisions and inflation policy at a critical time when high living costs are testing Trump's economic agenda
• Current Fed Chair Jerome Powell, appointed by Trump in 2017, is expected to complete his term in May 2026, with the new appointment announcement expected by end of month

Summary: Trump Nears Fed Chair Decision After Final Interview

Treasury Secretary Scott Bessent announced that President Donald Trump will interview one final candidate before selecting the next Federal Reserve Chair. BlackRock Global Fixed Income Chief Investment Officer Rick Rieder is expected to meet with Trump soon, completing the interview process.

Key Candidates:

Trump has narrowed his shortlist to four contenders:

• Kevin Hassett: Current director of the White House National Economic Council and Trump's top economic adviser with previous senior roles during Trump's first term
• Kevin Warsh: Former Morgan Stanley banker and youngest-ever Federal Reserve Board of Governors member (appointed 2006), now a vocal critic of current Fed leadership
• Christopher Waller: Current Federal Reserve Governor and veteran academic who has advocated for rate cuts and emphasized Fed independence
• Rick Rieder: BlackRock's fixed income CIO, awaiting final interview

Timeline and Context:

Current Fed Chair Jerome Powell's term expires in May 2026. Powell was initially appointed by Trump in 2017. Bessent indicated Trump expects to announce his decision by the end of the month.

Market Implications:

The appointment carries significant weight as the Fed chair oversees critical interest-rate decisions and inflation management amid persistently high living costs. The Federal Reserve's policies directly influence borrowing costs and Americans' day-to-day affordability, making this selection particularly consequential for economic policy and market conditions.

The choice will signal the administration's approach to monetary policy during a period when inflation concerns remain elevated and economic pressures continue testing policy effectiveness.