Treasury Secretary Scott Bessent announced in CNBC that interviews for the next Federal Reserve chair will begin shortly after Labor Day, as the White House moves to narrow a crowded field of 11 candidates. The lineup includes current and former Fed officials (ex. Bowman, Waller, Lindsey, Warsh), economists (ex. Hasset, Sumerlin), and Wall Street strategists (Rieder, Zevos).
Bessent described the group as “incredible” and said the process aims to present a shortlist to the President, even though current Chair Jerome Powell’s term does not end until May 2026. The administration has emphasized the need for interest rate cuts to support the U.S. housing market, which continues to struggle with weak sales and limited building activity. Bessent suggested easing could boost home construction, helping to contain inflation in the medium term.
Markets are eyeing the Fed’s next policy meeting on September 16–17, where a quarter-point cut is widely expected. Powell is also set to deliver a keynote at the Fed’s annual Jackson Hole symposium this Friday, which may offer hints on the central bank’s September decision.
The dollar index (USDIDX) has been trading in a progressively more stable manner, flattening out its downward trend after recent rebound. The price is currently bouncing between 97.7 and 98.1, with muted volatility today as the aftermath of most recent geopolitical tensions. Source: xStation5
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