The U.S. Finance Ministry has named the final candidates to head the Fed. Powell's term expires in May

U.S. Treasury Secretary Scott Bessent named five candidates for the post of chairman of the Federal Reserve System, Bloomberg reports. The circle of candidates has been narrowed down to current members of the Fed Board of Governors Christopher Waller and Michelle Bowman, former Fed Governor Kevin Warsh, White House National Economic Council Director Kevin Hassett and top BlackRock executive Rick Reeder, Bessent told reporters on October 27 aboard the presidential plane Air Force One. He added that he plans to conduct an additional round of interviews with the candidates and hopes to present President Donald Trump with a "decent list" after Thanksgiving.

Trump himself told reporters that he expects to announce his choice by the end of 2025. "Right now we have someone who is not smart at all," he said, again criticizing current Fed chief Jerome Powell, whom he accuses of stifling economic growth by refusing to aggressively cut interest rates. The US president emphasized that Bessent would not leave his current post for a Fed appointment.

At the beginning of 2026, the Fed will vacate the manager's seat, to which the next head of the department may be appointed, Bloomberg suggests. Powell's term as chairman of the U.S. Federal Reserve expires in May.

The next meeting of the Fed will be held on October 28-29. According to the CME, traders are now putting almost 100 percent probability of a 0.25 percentage point rate cut in October and another 0.25 percentage point cut in December into quotes.

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