Core Viewpoint - Speculation around the next Federal Reserve Chair has intensified following President Trump's recent comments, particularly regarding current Treasury Secretary Mnuchin as a potential candidate [1][2]. Group 1: Candidate Considerations - Trump praised Mnuchin's ability to "calm" financial markets, contrasting it with his own sometimes disruptive style [1]. - Despite Mnuchin's public disinterest in the position, his name continues to circulate, indicating ongoing speculation about the final choice [1][2]. - The selection process for Powell's successor is in a critical phase, with a shortlist of five candidates emerging, including Fed governors Waller and Bowman, Trump's economic advisor Hassett, BlackRock strategist Rick Rieder, and former Fed governor Warsh [3]. Group 2: Timeline and Implications - Trump aims to finalize the selection of the next Fed Chair by the end of the year, which is an accelerated timeline compared to usual practices [4]. - The new Chair is likely to participate in the March and April interest rate meetings, potentially influencing monetary policy before officially taking office [4]. Group 3: Policy Environment - The incoming Fed Chair will face a policy environment characterized by calls for interest rate cuts, with the Fed having already lowered rates by 25 basis points in September due to signs of a weakening labor market [5]. - There is a consensus among Trump and his allies, including Mnuchin, advocating for further rate reductions, with expectations of a 125 basis point cut by year-end [6].

Core Viewpoint - The selection process for the next Federal Reserve Chairman is in its final stages, with a shortlist of five candidates expected to be presented to President Trump by the end of the year [1] Group 1: Candidates for Federal Reserve Chairman - The shortlist of candidates for the next Federal Reserve Chairman includes current Fed governors Waller and Bowman, former Fed governor Kevin Warsh, White House National Economic Council Director Kevin Hassett, and BlackRock executive Rick Rieder [1] - Treasury Secretary Mnuchin plans to conduct another round of interviews and submit a "high-quality candidate list" to President Trump by the end of November [1] Group 2: President Trump's Influence - President Trump has been vocal about his desire for the Federal Reserve to lower interest rates and has criticized current Chairman Powell for not doing enough to support economic growth [1] - Trump has threatened to remove Powell from his position, indicating a strong influence on the selection process for the next chairman [1]

Core Viewpoint - The selection process for the next Federal Reserve Chair has narrowed down to five candidates, with expectations of a 25 basis point rate cut in the upcoming policy meeting [1] Group 1: Candidates for Federal Reserve Chair - The five candidates for the next Federal Reserve Chair include current Board members Christopher Waller and Michelle Bowman, former Board member Kevin Walsh, White House National Economic Council Director Kevin Hassett, and BlackRock executive Rick Reed [1] - The candidates represent a mix of backgrounds from within the Federal Reserve, the White House, and Wall Street [1] Group 2: Market Expectations - The market anticipates that the Federal Reserve will announce a 25 basis point reduction in the federal funds rate during the two-day policy meeting ending on October 29 [1]

Core Viewpoint - The article discusses President Trump's accelerated process of selecting the next Federal Reserve Chair, aiming to finalize the choice by the end of the year, which could allow the White House to influence monetary policy ahead of the new chair's official term starting in May [3][4]. Candidate Selection - Trump is currently choosing from five final candidates to succeed Jerome Powell, whose term ends in May. The candidates include current Fed governors Christopher Waller and Michelle Bowman, NEC Director Kevin Hassett, former Fed governor Kevin Warsh, and BlackRock executive Rick Rieder [3][5]. - Hassett and Warsh are viewed as frontrunners due to their close relationships with Trump, which is seen as a key factor in winning the nomination [5][6]. Implications of Early Appointment - The potential new chair is likely to fill the seat currently held by Stephen Miran, whose term ends in January. This allows the new chair to participate in the March and April rate-setting meetings before officially taking office [4][7]. - Early appointment could enable the new chair to influence investor expectations regarding interest rate paths, but it may also create awkward situations for the successor, who might have to publicly challenge decisions made by their future colleagues [8].

Core Points - President Trump is accelerating the selection process for the next Federal Reserve Chair, aiming to finalize the choice by the end of this year, which is significantly earlier than usual [2] - The five final candidates include current Fed governors Christopher Waller and Michelle Bowman, White House NEC Director Kevin Hassett, former Fed governor Kevin Warsh, and BlackRock executive Rick Rieder, with Hassett and Warsh seen as frontrunners [4][5] - The new chair is expected to influence monetary policy decisions before officially taking office in mid-May, as they may participate in the March and April rate-setting meetings [3][6] Candidate Details - The final five candidates confirmed by Treasury Secretary Mnuchin include Waller and Bowman, both nominated by Trump, along with Hassett, Warsh, and Rieder [4] - Hassett and Warsh are noted for their close relationships with Trump, which is considered a key factor in their candidacy [4] - Rieder has made a strong impression on Mnuchin during their meetings, adding to his candidacy [4] Implications of Early Appointment - Historically, new Fed chairs are announced three to four months before the current chair's term ends, allowing the incoming chair to shape investor expectations regarding interest rates [6] - The arrangement allows the new chair to vote on monetary policy decisions before their official term begins, providing a structured way to influence policy direction [7] - However, an early announcement may create challenges for the successor, as they could face pressure to either challenge decisions made by their future colleagues or defend the Fed's actions, potentially causing tension with Trump [7]

Group 1 - The U.S. Treasury Secretary Scott Bessent will submit a list of candidates for the next Federal Reserve Chair to President Trump in December, with three to four candidates expected for interviews after Thanksgiving [1] - The candidate pool has been narrowed down from 11 to 5, including current Fed Vice Chair Michelle Bowman, Fed Governor Christopher Waller, NEC Director Kevin Hassett, former Fed Governor Kevin Warsh, and BlackRock executive Rick Rieder [1] - Bessent emphasized that Trump's decision-making process involves gathering opinions from numerous individuals before making a final choice [1] Group 2 - Candidates for the Fed Chair position must demonstrate a willingness to support significant interest rate cuts while also proving their economic expertise and maintaining a degree of independence [1][2] - Bessent did not directly address whether candidates must support rate cuts but stated that openness and judgment of the current situation are key selection criteria [2] - The new Fed Chair is expected to be appointed for a 14-year term starting in early 2026, and Trump is also seeking to replace current Fed Governor Lisa Cook due to allegations of mortgage fraud [2]

Core Viewpoint - The U.S. Treasury Secretary Mnuchin has narrowed down the list of candidates for the Federal Reserve Chair from 11 to 5, with a potential nomination as early as January, although it may not necessarily be for the Chair position [1] Candidate Selection Process - The remaining candidates include current Fed officials Vice Chair for Supervision Randal Quarles and Governor Christopher Waller, National Economic Council Director Kevin Hassett, former Fed Governor Kevin Warsh, and BlackRock's Chief Investment Officer for Fixed Income Rick Rieder [1] - The Treasury plans to conduct another round of interviews with these five candidates in the coming weeks and months, led by Mnuchin, along with two senior Treasury officials and two senior White House officials [1] - The interview process may extend beyond Thanksgiving due to Mnuchin's commitments to the World Bank/IMF meetings and a subsequent trip to Asia with President Trump [1] Importance of the Nomination - The new Fed Chair will be crucial as the current Chair Jerome Powell's term ends in May, but he still has two years left on his Board seat [1] - The seat previously held by former Fed Governor Kugar is currently occupied by Milan, which will end in January, allowing the new Chair to be nominated to a full 14-year term [1] Selection Criteria - Mnuchin is looking for a candidate who is open to new ideas regarding the Fed's operations and monetary policy, with experience in economics, monetary policy, bank regulation, and management [2] Criticism of the Federal Reserve - Mnuchin has recently criticized the Fed, calling for a review of its policies, structure, and mission, indicating a preference for a candidate willing to reduce the Fed's size and limit the use of certain tools, particularly quantitative easing [3] - Currently, no candidate is in the lead, but Rieder has made a strong impression on Mnuchin, being a well-known figure on Wall Street with extensive analysis of fixed income markets and the Fed [3] - Rieder is noted as the only candidate among the five who has never worked at the Fed, which could be seen as a positive factor [3]

Core Viewpoint - Rick Rieder, an executive at BlackRock, has gained positive evaluations from Treasury Secretary Mnuchin after a two-hour interview, positioning him as a leading candidate for the Federal Reserve Chair [1][2] Group 1: Candidate Evaluation - Mnuchin is impressed by Rieder's extensive market experience and deep understanding of micro and macroeconomic factors [1] - Rieder's forward-looking analytical approach, which does not rely on lagging data, aligns with the government's expectations for a more flexible monetary policy [2] - Rieder is noted for his calm demeanor and in-depth knowledge of non-bank financial institutions, which are seen as beneficial traits for the Fed Chair position [2] Group 2: Selection Process - Mnuchin has interviewed four out of the eleven publicly mentioned candidates, with the selection process ongoing [1] - Other candidates being considered include Waller, Warsh, Hassett, Bowman, Bullard, Jefferson, Lindsey, Logan, Sumerlin, and Zervos [4] - A final shortlist of candidates is expected to be presented to Trump later this fall, with Powell's term ending in May next year [5] Group 3: Rieder's Monetary Policy Views - Rieder suggests that the Fed should consider a 50 basis point rate cut, which is double the market's expectation of 25 basis points [1] - He emphasizes the importance of the Fed's independence while advocating for more innovative approaches to monetary policy [3]

Core Viewpoint - The selection process for the next Federal Reserve Chair is underway, with U.S. Treasury Secretary Mnuchin expected to interview 11 candidates nominated by the Trump administration, which may reflect an unusual level of transparency and potential political pressure on the Fed [2][3][5]. Candidate Details - Among the 11 candidates for the Federal Reserve Chair, three are considered strong contenders: former Fed Governor Kevin Warsh, Trump economic advisor Kevin Hassett, and current Fed Governor Christopher Waller. Other candidates include Michelle Bowman, Philip Jefferson, Lorie Logan, Larry Lindsey, James Bullard, Marc Sumerlin, Rick Rieder, and David Zervos [4]. Importance of the Federal Reserve Chair Selection - The selection of the Federal Reserve Chair is crucial as the Fed is a key economic policy-making institution in the U.S., influencing interest rates and, consequently, the economic well-being of individuals and businesses [7]. The confirmation process may face heightened partisan conflict due to current political polarization [7].

Group 1 - The iShares Silver Trust reported a holding of 15,339.66 tons of silver as of August 19, with a decrease of 16.95 tons from the previous trading day [1] - On August 19, the spot silver price closed at $37.36 per ounce, down 1.68%, with an intraday high of $38.15 and a low of $37.26 [1] Group 2 - The White House released a list of 11 final candidates to succeed Jerome Powell as the Federal Reserve Chairman, marking a shift from previous speculation that only included Trump loyalists [3] - The expanded candidate list now includes current and former Federal Reserve officials, indicating potential private communication opportunities regarding interest rate cuts [3] - The list features three current Fed officials and includes private sector economists, reflecting a broader approach to the selection process [3][4]