Core Viewpoint - The selection process for the next Federal Reserve Chair has begun, with 11 strong candidates identified by Treasury Secretary Mnuchin, and the final decision will be revealed in the fall of this year [1][3][7]. Candidate Selection Process - Mnuchin will conduct interviews with the candidates after Labor Day and will present three to four final recommendations to President Trump [1][3]. - The selection process involves both professional qualifications and personal trust, as Trump is already familiar with some candidates while others are unknown to him [3]. Market Implications - The new Federal Reserve Chair is expected to signal a shift in monetary policy, potentially moving away from Jerome Powell's approach and returning to the Fed's core mission [5][7]. - The phrase "return to core mission" suggests a focus on inflation control, employment, or reduced intervention in financial markets, indicating a likely change in policy style under the new chair [5][7]. Timing and Transition - Powell's term ends in May next year, and the selection process aims to ensure a smooth transition without disruption to monetary policy [5][7]. - The upcoming months are critical for market participants as the new chair's policies could significantly impact global market trends [7].