U.S. Federal Reserve Chair Jerome Powell speaks during a press conference, following the issuance of the Federal Open Market Committee's statement on interest rate policy, in Washington, D.C., Sept. 17, 2025. (Reuters/Elizabeth Frantz)
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Federal Reserve Chair Jerome Powell’s term runs through May 15, 2026, but his successor may be named before Christmas, creating uncertainty for Powell and markets, The Street reports.
Treasury Secretary Scott Bessent is expected to recommend a nominee to President Donald Trump before the holiday, with the appointment subject to Senate confirmation.
Kevin Hassett, chairman of the National Economic Council and long-time Trump adviser, is widely considered the frontrunner. Other potential candidates include Fed officials Christopher Waller and Michelle Bowman, former Fed governor Kevin Warsh, and BlackRock’s Rick Rieder.
Hassett, co-author of “Dow 36,000,” has advocated for interest-rate and tax cuts, and his nomination could boost stocks and bonds, though some futures fell Sunday after a strong week for equities.
Key economic reports this week include Purchasing Manager Indexes, layoffs, and inflation ahead of the Fed’s Dec. 10 interest-rate decision. Powell has said he will not leave before his term ends, though he could remain as a Fed governor until 2028.
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