Trump: "Nominee for Next Fed Chair to Be Announced Tomorrow Morning"… Race Narrows to Wash vs. Rieder

U.S. President Donald Trump said he will make an official announcement on the nominee for the next chair of the Federal Reserve (Fed) on the morning of the 30th (local time). The final shortlist has reportedly been narrowed to two: Kevin Warsh, a former Fed governor, and Rick Rieder, BlackRock’s chief investment officer (CIO).

According to major overseas media reports, President Trump met in succession at the White House with former governor Warsh and CIO Rieder and completed final vetting. Sources said Trump is leaning toward selecting Warsh over the other candidate.

Kevin Hassett, former chair of the White House Council of Economic Advisers (CEA) who had been mentioned as one of the leading contenders, was reportedly left off the final shortlist.

Warsh, who served as a Fed governor during the 2008 financial crisis and built crisis-response experience, is receiving broad support from Wall Street and the Republican establishment. CIO Rieder is a market specialist who oversees global bond investing at BlackRock, the world’s largest asset manager.