Hunt for Federal Reserve Chair Successor Intensifies

The search for a new Federal Reserve Chair is heating up as U.S. Treasury Secretary Scott Bessent broadens his list of potential candidates. Among the new names are longtime economic consultant Marc Sumerlin and former St. Louis Fed President James Bullard. This development comes as President Donald Trump has emphasized the need for a successor who aligns with his preference for lower interest rates.

Current considerations include National Economic Council director Kevin Hassett, former Fed governor Kevin Warsh, and Fed governor Christopher Waller, all of whom have shown support for cutting rates. Insiders confirm that Trump's priority remains finding a Fed Chair who will implement these monetary policies, as Chair Jerome Powell's term approaches its end in May. Despite criticism over potential political interference, the president appears focused on ensuring an ally holds the position.

Meanwhile, Bullard, who's now at Purdue University, was a proponent of rate cuts before leaving the St. Louis Fed. The timeline for a decision is uncertain, especially after Governor Adriana Kugler's resignation. The move has left an immediate vacancy on the Fed Board, complicating the already intricate choice of Powell's successor.