United States President Donald Trump is likely to appoint a new Federal Reserve chair before Christmas, according to Treasury Secretary Scott Bessent.
The comments were made in a CNBC interview earlier this week, indicating an end to the search for a new Chair, an effort that has been led by Bessent.
He said there was one interview to go for prospective replacement, but the pressure is on from Trump, who has demanded publicly that Bessent get the Chair to have the central bank lower the key interest rate, stating if it wasn't “fixed fast, I’m gonna fire your ass”.
Jerome Powell currently holds the role, with his term set to expire in May of next year, but has also faced ire from the President, who said he’d “love” to fire Powell.
“I think there’s a very good chance that the president will make an announcement before Christmas,” Bessent said in the interview.
“But it’s his prerogative, whether it’s before the Christmas holidays or in the new year. But I think things are moving along very well.”
No possible candidates have been publicly confirmed by the White House, but National Economic Council Director Kevin Hassett, former Governor Kevin Warsh, BlackRock executive Rick Rieder, and Michelle Bowman are all believed to be in the mix, with some reporting emerging that Hassett is the frontrunner.
