The Trump administration is considering BlackRock’s Chief Investment Officer for global fixed income, Rick Rieder, for the role of Federal Reserve Chair in 2025. This comes as current Fed Chair Jerome Powell’s term is set to end in May next year. Rieder is among several new names added to a growing list of candidates.

Rick Rieder Joins Fed Chair Candidate List

According to CNBC, Rieder is one of 11 candidates under review for the position. He joins Jefferies Chief Market Strategist David Zervos and former Federal Reserve Governor Larry Lindsey as recent additions.

Other candidates already on the list include Fed Vice Chair for Supervision Michelle Bowman, Fed Governor Chris Waller, and Fed Vice Chair Philip Jefferson. Dallas Fed President Lorie Logan, former St. Louis Fed President James Bullard, and Marc Summerlin are also in the mix.

Trump has also confirmed that “Two Kevins,” referring to Kevin Warsh and Kevin Hassett, are under consideration. These names reflect a mix of current policymakers, former Fed officials, and private sector executives.

Interviews and Selection Process for Fed Chair Role

The selection process will be led by U.S. Treasury Secretary Scott Bessent. He will interview all candidates before creating a shortlist for Trump’s review. This multi-stage process could take months, meaning an announcement is unlikely in the immediate future.

Several of the candidates, including Rieder, have expressed support for interest rate cuts. This aligns with Trump’s public stance on lowering rates to stimulate economic growth. Both Bowman and Waller voted for a rate cut during the July Federal Open Market Committee meeting.

Rieder, who manages BlackRock’s global fixed income portfolio, had called for a rate cut ahead of the July meeting. His economic views and market experience may position him as a contender for Trump’s final decision.

Chris Waller Remains the Favorite for Fed Chair Position

Prediction market data from Polymarket indicate that Chris Waller is the leading candidate, with a 27.5% chance of selection. Waller is viewed positively by Trump’s team for his willingness to make policy decisions based on forecasts.

Kevin Warsh and Kevin Hassett each hold odds around 10% on Polymarket. But there is still a 36 percent probability that no announcement can be made by the end of 2024.

The appointment can be pegged to continuing debates surrounding the direction of the monetary policy of the Federal Reserve. Trump has gone ahead to attack Powell’s leadership; he has even hinted that he will sue him.

According to sources, the team of Trump team will pay attention to candidates who will agree to implement a more active approach to rate adjustments. This may be a leading consideration in the ultimate vote for the new Fed Chair.