The race to lead the Federal Reserve has entered its final phase, with five candidates advancing to the shortlist, a mix of established central bankers and prominent figures from the private sector.
The decision, expected early next year, will help define the trajectory of U.S. monetary policy for the remainder of the decade, though the incoming chair is unlikely to assume the role immediately after being announced.
According to Treasury Department insiders, the finalists include Vice Chair for Supervision Michelle Bowman and Fed Board Member Christopher Waller, both seen as continuity candidates within the central bank. They are joined by National Economic Council Director Kevin Hassett, former Fed Governor Kevin Warsh, and BlackRock Chief Investment Officer Rick Rieder, whose inclusion signals the administration’s growing openness to leadership drawn from the financial industry.
Treasury Secretary Scott Bessent is overseeing the process, with a second round of interviews scheduled to include Bessent, two senior Treasury aides, and two White House officials. The timeline may, however, slip beyond Thanksgiving, as Bessent is set to participate in the upcoming World Bank and IMF meetings in Washington before accompanying President Trump on his Asia tour.
Once interviews conclude, Bessent will deliver his formal recommendations to the President, who will make the final choice. Sources close to the process told reporters that Trump’s nominee will likely be appointed first as a Fed governor before assuming the chair, a procedural step aimed at easing confirmation through the Senate.