U.S. Treasury Secretary Scott Bessent is set to begin conducting interviews this Friday as part of the search for a new Chairman of the Federal Reserve, according to sources familiar with the matter, as reported by The Wall Street Journal.
The interview process, which will take place both in person and virtually, is expected to extend into next week. Bessent is tasked with identifying candidates to succeed Jerome Powell, whose term as head of the Federal Reserve will conclude in May 2026.
Sources revealed that 11 candidates have been shortlisted for the position. Among them are Federal Reserve Governors Christopher Waller and Michelle Bowman, National Economic Council Director Kevin Hassett, and former Federal Reserve Governor Kevin Warsh.
Following the interviews, Bessent is expected to recommend a final list of candidates to President Donald Trump. This move aligns with Bessent's earlier statement that he would begin the process of identifying Powell’s successor shortly after Labor Day.
As Powell's current term draws to a close, there has been increasing pressure on him from the Trump administration to lower interest rates, with President Trump having frequently criticized Powell and urged him to step down. The President reiterated his stance on Tuesday, calling for a “very large” cut in interest rates.
Trump stated, “We need a big, big reduction,” during a press conference, underscoring his ongoing dissatisfaction with the Fed’s policies.
The Federal Reserve’s next meeting on monetary policy is scheduled for September 16-17, 2025, with market expectations leaning toward a quarter-point interest rate cut.
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