Current Members Bowman, Jefferson, and Logan Included
Interviews in Coming Weeks... Trump to Nominate Next Chair in Fall
Scott Besant, the U.S. Treasury Secretary leading the selection process for the next Federal Reserve (Fed) Chair, has significantly expanded the pool of candidates and has officially begun the interview process.
According to Bloomberg News on the 11th (local time), Secretary Besant plans to conduct interviews with the expanded pool of candidates for the next Fed Chair over the coming weeks. The current term of Jerome Powell, the incumbent Fed Chair, expires in May 2026.
After completing the interview process, Secretary Besant intends to submit a final shortlist of candidates to President Donald Trump. Based on this list, President Trump is expected to nominate the next Fed Chair this fall.
Until now, the leading candidates for the next Chair have included Fed Governor Christopher Waller, former Fed Governor Kevin Warsh, and White House National Economic Council (NEC) Chair Kevin Hassett. Among them, Waller has already completed his interview and reportedly received a positive evaluation. Bloomberg also reported that Fed Vice Chair Michelle Bowman, Fed Vice Chair Philip Jefferson, and Dallas Fed President Lorie Logan have newly joined the list. In addition, Mark Zandi, former NEC Deputy Chair and economic advisor to former President George W. Bush, as well as James Bullard, former President of the St. Louis Fed, have also been named as candidates.
Notably, a significant number of current Federal Open Market Committee (FOMC) members are included in the pool of candidates for the next Chair. In addition to Waller, who has long been considered a strong contender, Vice Chairs Bowman and Jefferson, as well as President Logan, have newly appeared on the long list. As President Trump has consistently called for interest rate cuts since taking office in January this year, attention is focused on what stance these candidates will take in future monetary policy decisions. With recent signs of a slowdown in employment fueling calls for rate cuts, there is speculation that some of these candidates, with the Chair position in mind, may adopt a more flexible approach to monetary easing.
Vice Chair Bowman, classified as a 'pro-Trump' figure, has already, along with Governor Waller, voted against the majority decision to hold rates steady at the July FOMC meeting, advocating for a rate cut. On August 9, Bowman argued that the risk of a weakening labor market outweighs the risk of rising inflation, and insisted that rates should be cut at all three remaining FOMC meetings this year. Initially hawkish (favoring monetary tightening), these figures have shifted to a dovish (favoring monetary easing) stance this year. Governor Waller has consistently been mentioned as a candidate for the next Chair since President Trump took office, and Vice Chair Bowman was recently appointed to her position by President Trump.
Meanwhile, following the early resignation of former Fed Governor Adriana Kugler, President Trump has nominated Steve Miran, Chair of the White House Council of Economic Advisers (CEA) and his economic advisor, as her successor. As a result, there are now at least three dovish members within the Fed.
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