Top 5 candidates for the successor of the Fed chairman confirmed, final selection to be announced before the end of the year.

US Treasury Secretary Benson confirmed on Monday the final list of five candidates to replace Federal Reserve Chairman Powell. President Trump said he expects to make a final decision by the end of this year. On "Air Force One," Benson revealed that the list of candidates has been narrowed down to five individuals, including current Federal Reserve Board members Christopher Waller and Michelle Bowman, former Federal Reserve Board member Kevin Warsh, White House National Economic Council Director Kevin Hassett, and BlackRock executive Rick Rieder. Benson, who is responsible for leading the selection process, reiterated that he plans to conduct a new round of interviews and hopes to submit a list of "high-quality candidates" to Trump after the Thanksgiving holiday. Trump himself also stated that he expects to finalize the nomination before the end of this year. "The person currently in office is not very wise at all," Trump reiterated his criticism of Powell in an interview, accusing him of hindering the economic development of the United States by not significantly lowering interest rates. Currently, it is widely expected that Federal Reserve policymakers will announce a 25 basis point rate cut at the two-day policy meeting ending on October 29. This would be the second consecutive rate cut by the Federal Reserve. Prior to policymakers restarting rate cuts, Trump had expressed a desire for the Federal Reserve to cut rates by 300 basis points. In addition, Trump also reiterated on Monday that he expects Benson to not leave his current position to take over the Federal Reserve. It is understood that the next chairman is likely to receive a 14-year term as a Federal Reserve Board member, with the position set to be vacated in early 2026, as Powell's term as chairman expires in May next year.