Trump Narrows Fed Chair Search to Three Top Contenders: Hassett, Wa and Waller

Trump Narrows Down Fed Chair Candidates to Three Finalists In a significant development for the global economy, President Donald Trump has narrowed down his search for a new Federal Reserve chair to three finalists: White House economic adviser Kevin Hassett, Federal Reserve Governor Christopher Waller, and former Fed Governor Kevin Warsh. According to Trump, who made the announcement in the Oval Office on Friday, these three candidates are the top contenders to replace outgoing Chair Jerome Powell. "You could say those are the top three," Trump told reporters, indicating that he had a clear preference among the finalists. The search for a new Fed chair has been ongoing since Powell's term expires in May. Treasury Secretary Steven Mnuchin, who is leading the search process, reiterated on Friday that he was not interested in the position, as previously reported by Bloomberg. "I'm the only person on the planet who does not want the job," Mnuchin said. The selection of a new Fed chair is crucial for the global economy, as it will have significant implications for monetary policy and interest rates. The Federal Reserve plays a critical role in shaping economic policies that affect not just the United States but also other major economies around the world. Hassett, Waller, and Warsh bring different backgrounds and experiences to the table. Hassett has been a key advisor to Trump on economic issues, while Waller has served as a governor at the Federal Reserve since 2019. Warsh, who previously served as a governor from 2006 to 2011, is known for his expertise in monetary policy. The selection of a new Fed chair will also be closely watched by international investors and policymakers, who are eager to see how Trump's choice will impact global markets and economic trends. As the search process continues, Mnuchin has emphasized that he will conduct thorough interviews with all candidates before making a recommendation to Trump. The timeline for selecting a successor to Powell remains unclear, but it is expected to be announced in the coming weeks. Background The Federal Reserve was established in 1913 as an independent agency responsible for setting monetary policy and maintaining financial stability in the United States. The Fed chair plays a critical role in shaping economic policies that affect not just the US economy but also other major economies around the world. International Perspectives The selection of a new Fed chair has significant implications for global markets and economic trends. "The choice of a new Fed chair will have far-reaching consequences for the global economy," said Dr. Maria Demertzis, an economist at Bruegel, a Brussels-based think tank. "It's essential that Trump selects someone with the right expertise and experience to navigate the complex economic landscape." Next Developments As the search process continues, investors and policymakers will be closely watching for any developments on the selection of a new Fed chair. The timeline for selecting a successor to Powell remains unclear, but it is expected to be announced in the coming weeks. By Josh Wingrove, Bloomberg *Reporting by Fortune.*