Bessent Names Five Finalists for Federal Reserve Chair

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00:00Treasury Secretary Scott Besant confirming five finalists to succeed Fed Chair Jerome Powell.

00:05Bloomberg's Jill Deasys joins us now.

00:08So Jill, it is five names that have been making the rounds for some time.

00:12I guess Treasury Secretary Scott Besant took his own name out of the running,

00:16and he says we'll know by the end of the year.

00:19Yeah, Vani, I think that timing on this idea of it is soon expected by the end of the year,

00:24that's really kind of the operative news here.

00:26I mean, a lot of the names that we heard Besant talk about in terms of these potential candidates,

00:30you know, people like Christopher Waller, Michelle Bowman, so current members of the Fed.

00:34He also had mentioned Kevin Hassett, the White House National Economic Director.

00:40We've also got former Fed Governor Kevin Worsh, as well as BlackRock Executive Reader.

00:44So, I mean, again, these are names that have been floating around for quite a while,

00:47and some of them have even really been floated, you know, by Trump as potential candidates here.

00:52So really, I think the big thing here that we're hearing from Besant,

00:54this idea that we could get a decision by the end of the year.

00:58Obviously, you know, we've got a Fed meeting upcoming.

01:00But I think, you know, more importantly than that,

01:02if there is some kind of a decision from the White House,

01:05an announcement on who they want to put forth as their next Fed chair,

01:08you know, I mean, that does leave a certain period of time where you do still have Powell

01:13as the operative Fed chairman going into 2026 before he ultimately leaves,

01:17where you've got some overlap between, you know, who the White House is positioning,

01:20and then obviously Powell leaving, you know, but as we've seen over the last year,

01:24even beyond, I mean, you know, there's just such a tense relationship here between Trump and Powell.

01:29So I think, you know, you might continue to see Trump get a little bit more vocal there.

01:33But, yeah, I mean, you know, obviously operative there is maybe by the end of the year,

01:37we see who the White House wants to be the next Fed chairman.