Economic Dynamics: The Fed's Future Leadership

Federal Reserve Governor Christopher Waller reported a productive interview with Treasury Secretary Scott Bessent for the role of the next U.S. central bank chief, focusing exclusively on economic matters.

Waller, a frontrunner to replace Chair Jerome Powell, acknowledged not knowing if he was a finalist but was optimistic about the discussions. Bessent is vetting candidates for President Trump's nomination, narrowing down the options to five contenders.

The process occurs amidst President Trump's pressure on the Fed to reduce interest rates, raising concerns over the institution's independence following his displeasure with Powell. The Supreme Court is set to hear a related case involving Fed Governor Lisa Cook's contested dismissal.

(With inputs from agencies.)