• Treasury Secretary Scott Bessent is conducting the final round of interviews for the next Federal Reserve Chair today.
  • The selection process has been accelerated amid political pressure from the Trump administration for more aggressive interest rate cuts.
  • Current Fed Governor Christopher Waller remains a leading contender for the position, advocating for faster monetary easing.

Treasury Secretary Scott Bessent is overseeing what officials describe as the conclusive interview round today for candidates to succeed Jerome Powell as Federal Reserve Chair, according to people familiar with the selection process. The final interviews come as the administration pushes to name Powell's replacement well before his term expires in May 2026.

The accelerated timeline reflects mounting political pressure from President Donald Trump, who has repeatedly expressed dissatisfaction with Powell's pace of interest rate reductions. Administration officials have warned privately that without more rapid monetary easing, certain sectors of the U.S. economy could face recession risks, despite mixed economic indicators.

Bessent has spoken with approximately 10-11 candidates since Labor Day, focusing on individuals who demonstrate what one administration official called "forward-looking" approaches to both regulation and monetary policy. The Treasury Secretary is expected to present a formal shortlist to the White House imminently.

Current Fed Governor Christopher Waller has emerged as a strong contender for the position, people familiar with the matter said. Waller has publicly advocated for more aggressive rate cuts that align with the administration's economic priorities, making him a favored candidate within Trump's inner circle.

Market participants are closely monitoring the selection process, with volatility spikes occurring around key developments in the Fed chair search. The S&P 500 futures showed muted movement in early trading today as investors awaited clarity on the leadership transition.

"The independence of the Federal Reserve remains paramount for market confidence," said a veteran Wall Street analyst who requested anonymity to discuss the sensitive appointment. "Any perception that monetary policy is becoming politicized could have significant consequences for dollar stability and global financial markets."

Bessent has acknowledged recently that inflation has been moderating as government spending contracts, increasing expectations for a policy pivot. However, the timing and magnitude of future rate cuts will largely depend on the next Fed chair's approach to balancing inflation control with economic growth concerns.

The Treasury Department declined to comment on the ongoing selection process when reached early Thursday. A Fed spokesperson referred questions about leadership transitions to the White House.

Correction: An earlier version of this article misstated the number of candidates interviewed. Bessent has spoken with approximately 10-11 candidates since Labor Day.