US Treasury Secretary Scott Bessent has confirmed that the administration is considering 11 strong candidates to succeed Jerome Powell as Chairman of the Federal Reserve when his term ends.
“We’ll start interviews and present a shortlist to President Trump,” Bessent said, signaling that the process to identify Powell’s replacement is moving into a critical stage.
The announcement comes at a pivotal time for US monetary policy, with the Fed balancing stubborn inflation pressures, slowing growth, and ongoing debates over the path of interest rates.
Markets are closely watching the selection process, as Powell’s successor will play a pivotal role in shaping the trajectory of the US economy, global financial markets, and the stability of the dollar.
While Bessent did not disclose specific names, analysts expect the candidate list to include both current Fed governors and prominent economists aligned with the administration’s policy priorities.
Powell, who has served as Fed Chair since 2018, has overseen a turbulent period that included the COVID-19 crisis, record stimulus measures, aggressive tightening cycles, and now renewed questions about the long-term credibility of US monetary policy.
The upcoming decision is likely to rank among the most consequential of the Trump administration’s second term, with implications stretching far beyond Washington.
