The Senate should move to advance Kevin Warsh, President Donald Trump's nominee for Federal Reserve chairman, even as a federal criminal investigation into current chair Jerome Powell continues, Treasury Secretary Scott Bessent said Friday.Bessent, in an interview on CNBC's "Squawk Box," said he believes after speaking this week to Republicans on the Senate Banking Committee that they "are going to proceed" with a nomination hearing."I think it's important to get the hearings underway, and I think we have a ...

Core Viewpoint - President Trump is set to announce his choice for the new Federal Reserve chair, concluding a five-month selection process to replace Jerome Powell [1][2]. Group 1: Selection Process - The process for selecting Powell's successor began in September with an initial list of 11 candidates, which included past and current Fed officials, economists, and Wall Street professionals [2]. - Treasury Secretary Scott Bessent played a key role in narrowing down the candidates, reducing the list to five and then to four [2]. Group 2: Final Candidates - The final four candidates for the Fed chair position are believed to be former Fed Governor Kevin Warsh, National Economic Council Director Kevin Hassett, current Fed Governor Christopher Waller, and BlackRock's chief investment officer for fixed income, Rick Rieder [3]. - Prediction markets have fluctuated in their betting on the candidates, with Warsh recently emerging as an 80% favorite [3]. Group 3: Administration Insights - An administration source indicated that Warsh was present at the White House on the day of the announcement, although a White House official downplayed speculation regarding the selection process [4]. - The White House spokesman emphasized that any reporting on the Fed chair nominations before the official announcement is premature [4]. Group 4: Current Chair's Status - Jerome Powell has not confirmed whether he will remain in his position after his term expires in May, although he has the option to serve the remaining two years of his governor's term [5].

Core Viewpoint - The president has been deliberating for several months on the selection of a new leader for the central bank [1] Group 1 - The decision regarding the central bank leadership is critical and has been a prolonged process [1]

Core Viewpoint - The candidacy of Rick Rieder, a senior executive at BlackRock, is gaining momentum as a potential nominee for the next Federal Reserve chair, currently held by Jerome Powell, whose term ends in May [1]. Group 1 - Rieder had a positive interview with President Trump, which has contributed to his rising candidacy [1]. - He is one of four candidates being considered for the position [1]. Group 2 - Prediction markets indicate an increase in Rieder's chances of being selected, with a notable rise in bets on him as the nominee [2]. - Rieder is currently positioned second in the betting odds, following another candidate, Kevin Warsh [2].

Core Viewpoint - U.S. President Donald Trump denied ever offering to nominate JPMorgan CEO Jamie Dimon for the position of Federal Reserve chair, which contradicts a recent report [1] Group 1 - President Trump clarified that he did not propose Jamie Dimon for the Federal Reserve chair position [1]

Group 1 - Kevin Warsh has overtaken Kevin Hassett in prediction markets for the next Federal Reserve chair nomination, with Warsh at approximately 46% and Hassett at about 39% [1][2] - Hassett's odds had previously been as high as 77%, while Warsh's were as low as 10% just a week prior [1] - Concerns from high-level advisers about Hassett's closeness to Trump have contributed to the shift in market sentiment [3][5] Group 2 - The nomination process experienced uncertainty earlier this month, with interviews for prospective candidates being abruptly canceled [4] - Warsh, a former Fed governor, is viewed as a credible candidate for Republicans, while Hassett's long-standing association with Trump raises concerns about the Fed's institutional integrity [5] - Trump's recent comments have added ambiguity to the nomination process, indicating that Warsh has become a leading contender [6]

Corporate Earnings - Micron (MU) is scheduled to report quarterly results on Wednesday [3] - Accenture (ACN), NIKE (NKE), FedEx (FDX), and Darden Restaurants (DRI) will release their results on Thursday [3] Federal Reserve and Economic Outlook - The Federal Reserve's recent quarter-point rate cut marks the third such cut in 2025, with notable dissent among committee members [4] - Market focus is shifting towards potential future rate cuts in 2026, with the Fed projecting only one [4] - The nomination of a new Fed chair to replace Jerome Powell is under consideration, with Kevin Hassett and Kevin Warsh as potential candidates [2][5] Market Reactions and Predictions - Betting markets indicate Kevin Hassett as the favorite for the Fed chair nomination with a 73% chance, while Kevin Warsh's odds have improved to 39% [5][6] - Both candidates are perceived as supportive of lower interest rates, influencing foreign exchange markets and strengthening international currencies against the dollar [7]