US Treasury Secretary Bessent: New Fed Chair Nominee Likely in December or January

US Treasury Secretary: Fed Chair Nomination Likely by Early Next Year

US Treasury Secretary Scott Bessent announced on Thursday that the nomination of a new Federal Reserve Chair is expected to take place in December or January. The comments, reported by Bloomberg, come amid ongoing speculation about the future of current Fed Chair Jerome Powell.

"No Rush" to Replace Powell

Bessent emphasized there is "no rush" to identify Powell’s replacement, suggesting the process will proceed carefully and without political pressure. He also noted that the next nominee could be selected from current Federal Reserve board members or district bank presidents, signaling a preference for institutional continuity.

Market Implications

While the timing offers clarity to markets, the identity of the next Fed Chair remains uncertain. Investors are likely to watch closely for any signs of a shift in monetary policy direction, especially as inflation and interest rate expectations continue to dominate financial discourse.

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