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Trump may reach Fed chair decision as early as next week, Bessent says

BY Reuters | ECONOMIC | 06:43 AM EST

WASHINGTON, Jan 20 (Reuters) - U.S. President Donald Trump may decide on who the next chairman of the U.S. Federal Reserve will be as ?early as next week, U.S. Treasury Secretary Scott ?Bessent said on Tuesday.

"My guess is that ?the president will reach a ?decision, maybe ?as soon as next week. We've had substantial ?conversations about this," Bessent ?said in an interview with CNBC.

"We've run a process that started ?in September. Eleven ?very ?strong candidates. We're now down to four counts. The president has personally met ?with all of them."

Trump has sharply criticized Jerome Powell, whose term as Fed chair ends in May, for not lowering interest rates fast enough.

The leading ?four ?candidates for the role are Trump economic adviser Kevin Hassett, Fed ?Governor Christopher Waller, former Fed Governor Kevin Warsh and BlackRock's chief bond investment manager, Rick Rieder.

Powell, nominated by Trump in 2017, does not have to leave the Fed entirely ?after his leadership term ends in May, and he has not indicated what he will do.

(Reporting ?by Doina Chiacu; Editing by Bernadette Baum)

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In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.

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