Bessent: New Fed chair pick coming by Christmas

Core Viewpoint - Treasury Secretary Scott Bessent has narrowed down candidates to replace Federal Reserve Chairman Jerome Powell, with a decision expected by Christmas, although Powell is likely to complete his term ending May 15, 2026 [1][2]. Candidate Summaries - Michelle Bowman: Federal Reserve Governor and vice chair for supervision, she was one of the first dissenters favoring rate cuts during the July meeting when rates were left unchanged [6]. - Kevin Hassett: Director of the National Economic Council, previously served as a senior advisor and chairman of the Council of Economic Advisers. He noted a less-than-expected 3% annual increase in consumer inflation, suggesting costs are falling [9][10]. - Rick Rieder: Chief investment officer of global fixed income at BlackRock, overseeing $3.2 trillion in customer assets. He expressed that being considered for the Fed chair would be a significant honor and emphasized the importance of monetary policy [10][11]. - Christopher Waller: Another dissenting Federal Reserve member who plans to advocate for a rate cut in December, expressing concerns about the weak labor market despite inflation not being a major issue [14][15]. - Kevin Warsh: Former Federal Reserve governor and critic of the central bank's forecasting abilities, particularly regarding inflation and economic growth [16][17].