Washington: U.S. Treasury Secretary Scott Bessent on Tuesday indicated that there is a “very good chance” President Donald Trump will announce a new chairman for the Federal Reserve before Christmas. The statement underscores the administration’s accelerated pace in filling the top leadership position at the central bank.
Speaking in an interview with CNBC, Bessent revealed that the administration is concluding its second round of interviews, noting that five “very strong candidates” remain under consideration. While he did not disclose the names, his remarks suggest that a final decision could be imminent.
The current Federal Reserve Chair, Jerome Powell, is scheduled to complete his term in May 2026. By potentially announcing a successor before the end of the year, the administration appears eager to shape the future direction of U.S. monetary policy well in advance of Powell’s term conclusion.
The choice of Fed Chair carries significant implications for the U.S. economy, financial markets, and global investors. A new leader could influence interest rate decisions, inflation management, and overall economic strategy, making the selection a closely watched event by analysts and policymakers alike.
Bessent’s comments reflect both the political urgency and the economic stakes tied to the Fed’s leadership. With markets and policymakers anticipating potential shifts in monetary policy, an announcement before Christmas could reduce uncertainty and set expectations for 2026.