Treasury Sec Bessent says there's a 'good chance' Trump will announce new Fed chair by Christmas

Treasury Secretary Scott Bessent said Tuesday he is finishing the second round of interviews for the next Federal Reserve chairperson, and that there is a "very good chance" President Donald Trump will make the selection by Christmas.

Trump has long criticized current Federal Reserve Chairman Jerome Powell for not cutting interest rates, despite having nominated him for the post in his first term. Powell's term ends in May, and he has so far rejected calls to resign early.

Bessent said he has narrowed the search for Powell's successor from about 11 candidates to five, including White House National Economic Council Director Kevin Hassett, who is considered the frontrunner, according to Reuters. 

"We got five very strong candidates," Bessent said. "I think that there's a very good chance that the president will make an announcement before Christmas. But it's his prerogative, whether it's ... before the Christmas holidays, and New Year’s. But things are moving along very well." 

If the president does not make his selection by Christmas, he is expected to do so by the end of the year. 

The other contenders still in the running include Fed Vice Chair for Supervision Michelle Bowman, Fed board member Christopher Waller, former Fed board member Kevin Warsh, and BlackRock Fixed Income chief investment officer Rick Rieder. 

The White House has dismissed reports that Hassett, who has openly said he is in favor of cutting interest rates, is the frontrunner, stating that until Trump makes the announcement, "discussion about Fed nominations is speculation."

Misty Severi is a news reporter for Just The News. You can follow her on X for more coverage.