Inside Trump’s narrowing search for the next Fed chair

Subscribe to enjoy similar stories. President Donald Trump’s search for the next Federal Reserve chair is stretching into the new year, and the way the race is unfolding is offering investors an early look at what matters most to the White House and what questions the president is asking candidates. Treasury Secretary Scott Bessent said Tuesday that a decision on the next Fed chair is unlikely before January, even as Trump interviews candidates and publicly signals frustration with the central bank’s direction.

Speaking on Fox Business, Bessent said the president has been deliberate in his approach and may hold additional interviews over the coming weeks. Bessent said Trump has been direct with candidates, asking detailed questions about Fed policy, the structure of the institution, and the outlook for the economy. Trump told The Wall Street Journal last week that he is leaning toward Kevin Hassett, the director of the National Economic Council, or Kevin Warsh, a former Fed governor.

Both enjoy close personal relationships with the president. But that closeness has become a central issue in the race. Hassett addressed the question in a press gaggle Tuesday, pushing back on the idea that proximity to the president should be seen as disqualifying.

“It’s true that I’m close to the president, we’ve worked together closely since 2017," Hassett told reporters. “I think that the idea that being close to the president and serving the president well disqualifies someone for any job just doesn’t make any sense." Hassett stressed that the Fed chair’s job is to run the central bank in a nonpartisan way and to focus on monetary policy. He echoed Trump’s criticism that the Fed has paid too much attention to issues outside its core