Who's Next: The Race for Fed Chair
A search is underway for a successor to Federal Reserve Chair Jerome Powell. Candidates include Michelle Bowman, Philip Jefferson, and Lorie Logan. Treasury Secretary Scott Bessent is leading the effort, with several potential nominees showing varied stances on interest rate policies and economic direction.
The race to become the next chair of the U.S. Federal Reserve is intensifying, with current vice chairs Michelle Bowman and Philip Jefferson, alongside Dallas Fed President Lorie Logan, being considered for the top position. This development comes amid reports by Bloomberg News citing two administration officials.
U.S. Treasury Secretary Scott Bessent is spearheading the search to replace Fed Chair Jerome Powell, despite continued pressure from President Donald Trump for Powell to reduce interest rates. Noteworthy candidates for the chair position consist of National Economic Council director Kevin Hassett, former and current Fed Governors Kevin Warsh and Christopher Waller, and have now been extended to include St. Louis Fed President James Bullard and Marc Sumerlin, a former adviser to President George W. Bush.
Bowman and Waller have expressed support for reducing rates, corroborated by their dissent against a decision to maintain them. In contrast, Logan maintains a more hawkish stance, skeptical of rate cuts amid persistent inflation, whereas Jefferson has yet to demonstrate divergence from Powell's policy alignments.
(With inputs from agencies.)
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