{"id":24780,"date":"2025-11-26T18:59:02","date_gmt":"2025-11-26T18:59:02","guid":{"rendered":"https:\/\/cndailynews.store\/?p=24780"},"modified":"2025-11-26T18:59:02","modified_gmt":"2025-11-26T18:59:02","slug":"trump-could-announce-new-fed-chair-by-christmas-bessent","status":"publish","type":"post","link":"https:\/\/cndailynews.store\/?p=24780","title":{"rendered":"Trump Could Announce New Fed Chair By Christmas: Bessent"},"content":{"rendered":"
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Treasury Secretary Scott Bessent stated on Tuesday that he is completing the second round of interviews for the upcoming chairperson of the Federal Reserve, and noted that there is a \u201cvery good chance\u201d President Donald Trump will make his decision by Christmas.<\/p>\n

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Trump has repeatedly criticized Federal Reserve Chair Jerome Powell for refusing to cut interest rates, even though Trump nominated him during his first term. Powell\u2019s term expires in May, and he has declined to step down before then.<\/p>\n

According to Reuters, Treasury Secretary Scott Bessent said he has narrowed the list of potential successors from roughly 11 candidates to five. Among them is White House National Economic Council Director Kevin Hassett,\u00a0who is viewed as the leading contender<\/a>.<\/p>\n

\u201cWe got five very strong candidates,\u201d Bessent said. \u201cI think that there\u2019s a very good chance that the president will make an announcement before Christmas. But it\u2019s his prerogative, whether it\u2019s \u2026 before the Christmas holidays, and New Year\u2019s. But things are moving along very well.\u201d<\/p>\n

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If the president does not announce his choice by Christmas, he is expected to do so before the end of the year, said the report.<\/p>\n

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Other candidates still under consideration include Federal Reserve Vice Chair for Supervision Michelle Bowman, current Fed board member Christopher Waller, former Fed governor Kevin Warsh, and Rick Rieder, chief investment officer for global fixed income at BlackRock.<\/p>\n

The White House has pushed back on reports that Hassett \u2014 who has publicly supported cutting interest rates \u2014 is the leading candidate, emphasizing that any discussion of Federal Reserve nominees remains \u201cspeculation\u201d until President Trump makes a formal decision.<\/p>\n

Americans have become more bullish on the economy under Trump, meanwhile.<\/p>\n

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Consumer confidence rose by two points in July to a reading of 97.2, according to the Conference Board on Tuesday, indicating that Americans\u2019 views on the economy have stabilized after a sharp decline in the spring.<\/p>\n

That drop followed the announcement of sweeping tariffs by President Trump, which had raised concerns about rising prices and potential strain on the labor market after being panned by most of the media and so-called experts who were wrong about the tariffs\u2019 effects on the economy.<\/p>\n

Since then, confidence has rebounded somewhat. The administration has repeatedly delayed the implementation of those tariffs and announced trade agreements with seven countries, including China, the United Kingdom, and Japan, said the report.<\/p>\n

\u201cConsumer confidence has stabilized since May, rebounding from April\u2019s plunge, but remains below last year\u2019s heady levels,\u201d said Stephanie Guichard, senior economist of global indicators, at The Conference Board.<\/p>\n

\u201cTariffs remained top of mind and were mostly associated with concerns that they would lead to higher prices,\u201d she added.<\/p>\n

But that hasn\u2019t happened. In fact, prices for many key commodities, including food and gasoline, have either fallen or stabilized over the past couple of months.<\/p>\n

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\u201cInflation has come into better balance this year \u2014 but signs of renewed price pressure are starting to emerge,\u201d Lauren Goodwin, economist and chief market strategist at New York Life Investments, said in a note to clients on Tuesday, per CNN.<\/p>\n

\u201cGoods prices in categories sensitive to trade policy \u2014 such as consumer electronics, apparel, and auto parts \u2014 have started to edge higher,\u201d she added. \u201cSteep tariffs often create visible economic pain \u2013 disrupting supply chains and suppressing demand.\u201d<\/p>\n

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The U.S. collected nearly $28 billion in customs duties in July\u2014the highest monthly total of the year\u2014according to the Treasury Department\u2019s \u201cCustoms and Certain Excise Taxes\u201d data. The July figures, based on data through July 25, have already exceeded June\u2019s previous record of $27 billion.<\/p>\n

Back in January, tariff revenues stood at approximately $7.9 billion, but by April, they had more than doubled to $16.3 billion, Fox Business added.<\/p>\n<\/div>\n

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\u00a0Getty Images This article may contain commentary which reflects the author’s opinion. Treasury Secretary Scott Bessent stated on Tuesday that he is completing the second round of interviews for the … <\/p>\n","protected":false},"author":1,"featured_media":24781,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-24780","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/cndailynews.store\/index.php?rest_route=\/wp\/v2\/posts\/24780","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cndailynews.store\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cndailynews.store\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cndailynews.store\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cndailynews.store\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=24780"}],"version-history":[{"count":1,"href":"https:\/\/cndailynews.store\/index.php?rest_route=\/wp\/v2\/posts\/24780\/revisions"}],"predecessor-version":[{"id":24782,"href":"https:\/\/cndailynews.store\/index.php?rest_route=\/wp\/v2\/posts\/24780\/revisions\/24782"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cndailynews.store\/index.php?rest_route=\/wp\/v2\/media\/24781"}],"wp:attachment":[{"href":"https:\/\/cndailynews.store\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=24780"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cndailynews.store\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=24780"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cndailynews.store\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=24780"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}