Slatestone Wealth Chief Market strategist Kenny Polcari discusses the role of global matters in markets about Claman Countdown.
Treasury Secretary Scott Bessent said on Tuesday that the Trump administration will start its interview process for potential nominees to serve as chairman of the Federal Reserve After the workers.
Bessent was interviewed CNBC’s “Squawk Box” And said that 11 candidates are currently being considered for the role, including a group of contenders who currently worked at the FED.
“With regard to the interview process, we have announced 11 very strong candidates,” said Bessent. “I will probably meet them immediately, immediately after Labor Day, and to get the list to present to President Trump.”
He said it is “an incredible group” and they are “people who are now at the Fed, have been to the Fed and the private sector”, adding that “I look forward to meeting them all with a very open mind.”
Bessent outlines the qualities that he is looking for when he dives to decorate Trump’s Fed -Shortlist
Treasury Secretary Scott Bessent said he is starting to interview Labor Day Weekend with interviewing Fed Chair candidates. (Al drago / getty images)
Potential contenders for the chairmans are Fed Governors Michelle Bowman and Christopher Waller, Witte Huis National Economic Council Director Kevin Hassett and former Fed Gouverneur Kevin Warssh.
Those four were initially supposed to be front runners, although the field has since been expanded with Fed Gouverneur Philip Jefferson, Dallas Fed President Lorie Logan, as well as former Fed Gouverneur Larry Lindsey and former President James Bullard by St. Louis Fed.
Rick Rieder, BlackRock Chief Investment Officer For global fixing values, David Zervos, main market strategist for Jefferies and Mark Sumerlin, former deputy director of the National Economic Council, are also taken into consideration.
Trump says that Fed Chair Search comes to ‘three or four’ candidates, with announcement ‘a little early’
President Trump appointed Jerome Powell as FED chairman in 2017, although he has repeatedly criticized him since then. (Saul Loeb / AFP via / getty images)
Fed Chair Jerome Powell’s The term as chairman will end in May 2026, although the Trump administration can nominate its successor faster to indicate that a more Dovish monetary policy is on the road.
President Donald Trump And his allies lobby at the Fed to lower interest rates in the hope of strengthening economic growth and reducing the costs of maintenance of the more than $ 37 trillion national debt.
The Minister of Finance warned that the current level of interest rates causes some problems on the housing market and for “households with a low income with high credit card debt”.
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The term of office of Federal Reserve Chairman Jerome Powell ends in May 2026, although after that time he can continue as a Fed Governor. (Kent Nishimura / Getty images)
“We see this large Capex tree, part of It’s AI, part of the tax assessment. So Capex is doing well, but households, housing is struggling,” Bessent noted.
Bessent said in the interview that he believes that the FED should lower the interest rates with 50-based points that would be greater than the reduction of 25 Basic Point that the market expects-in an attempt to trace the housing sector.
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“If we continue to limit housing, what kind of inflation creates that one or two years? So a cut here can facilitate a tree or a pick -up in housing, which will keep prices on the road on one, two years,” said Bessent.
