Core Insights - The selection process for the next Chair of the Federal Reserve has concluded, with U.S. Treasury Secretary Becerra overseeing the final interviews of 11 candidates, narrowing it down to four main contenders for President Trump's decision [1][3]. Group 1: Candidate Evaluation - The interview process lasted approximately two hours, focusing on candidates' views on interest rate policies and strategies for exiting special monetary policies during financial crises [3]. - The leading candidates include former Fed Governor Kevin Warsh, current Governor Waller, White House economic advisor Kevin Hassett, and BlackRock's Chief Investment Officer for Global Fixed Income, Rick Rieder, with Rieder's performance standing out among external candidates [3]. - Warsh and Waller have publicly supported the reduction of the Fed's balance sheet, aligning with Secretary Becerra's reform direction, while Hassett's policy views are consistent with the administration [3]. Group 2: Implications of Leadership Change - The leadership transition at the Fed is occurring at a critical time, with market participants closely monitoring potential policy changes that may arise from the new Chair, particularly regarding discussions on central bank independence [3][4]. - Current Chair Jerome Powell's term will last until May 2026, marking an eight-year tenure, and this personnel change is expected to have significant implications for U.S. monetary policy and global financial markets [4].