US Treasury evaluates 11 candidates for the Fed

Photo of Alex Bierwagen in Unsplash

U.S. Treasury Secretary Scott Bessent confirmed that he is interviewing 11 candidates to succeed Jerome Powell as chairman of the Federal Reserve (Fed). The official said he expects to complete the first round of interviews by early October.

Fed: Bessent calls for “an open mind”

Speaking to Fox Business, Bessent emphasized that the next Fed chairman must have an "open mind" regarding economic challenges. He also criticized the central bank's lack of flexibility in implementing its recent monetary policy.

Candidates already under evaluation

The Treasury has already held meetings with some of the candidates, including BlackRock executive Rick Rieder, confirming that the process is moving in parallel with the administration's internal discussions.

Economic implications

The selection of the new Fed chair will determine the direction of the US economy in terms of interest rates, inflation, and employment. Although Powell's term ends in May 2026, the early search reflects the urgency of defining a profile that generates market confidence and provides certainty in a challenging economic environment.

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Sources:

• ft.com
• Reuters