Trump's shortlist to replace Powell is starting to take shape

Core Insights - Treasury Secretary Scott Bessent is narrowing down candidates to lead the Federal Reserve, with five candidates currently under consideration [1] - President Trump will become involved in the decision-making process once the list is reduced to three or four finalists [1] Candidate Profiles - Michelle Bowman: Currently the Federal Reserve's vice chair for supervision, she aligns with Trump's priorities on regulatory issues and has recently called for a rate cut, potentially making her the second woman to chair the Fed if confirmed [7][8] - Christopher Waller: A member of the Fed's governing board, Waller has advocated for rate cuts, citing a slowdown in consumer spending and job market gains. He emphasizes the importance of an independent Federal Reserve [11][12][13] - Kevin Hassett: Serving as Trump's top economic advisor and director of the National Economic Council, Hassett has been a strong supporter of Trump's economic agenda. Trump has described him as "fantastic" regarding the Fed chair position [16][17] - Kevin Warsh: A former member of the Federal Reserve Board, Warsh was previously considered a leading candidate for various roles, including Treasury secretary. He is recognized for his role during the 2008 financial crisis and has experience as an economic advisor [19][20][21]