Treasury Secretary Scott Bescent said Tuesday that he would begin interviewing candidates for the Federal Reserve Chair as soon as the White House beats what suddenly became a crowded field.
In an interview with CNBC’s “Squawk Box,” Bessent confirmed that current chairman Jerome Powell is the 11 candidates.
“As far as the interview process, we’ve announced 11 very strong candidates. We’re probably going to meet up with them right after Labor Day and start defeating the list to present it to President Trump,” he said. “It’s an incredible group.”
That list is believed to include current governors Michelle Bowman and Christopher Waller, Dallas President Rory Logan, White House economist Kevin Hassett and former governor Kevin Wahsh. Strategist BlackRock Rick Leader and Jeffreys David Zerbo are also part of the group, including economist Mark Schmerlin, former governor Larry Lindsay and former St. Louis Fried President James Bullard.
Powell’s term will not end until May 2026, but the White House is keen to drive the process to drive the urgent need for interest rate cuts.
Bessent has repeatedly reiterated the administration’s desire for mitigation, saying it would help the Molibund Us housing market. Sales and new buildings are weak and stock push prices are high.
“If we keep constraining our home buildings, what kind of inflation will it produce in a year or two?” he said. “The massive cuts here could make home building booms and pick-ups easier, and prices will drop in two years.”
The Fed has not held a policy meeting since December 2024 where approval of the first quarter’s percentage reduction from September 16-17 is widely expected to be widely approved. Becent said it showed the largest monthly increase in three years when reading the producer price index in July.
Prior to that, Powell on Friday will provide what is likely his final keynote speech at the Fed’s annual symposium at WYO’s Jackson Hole.
