White House Prepares to Decide Who Will Lead the Fed After Powell
The race to succeed Jerome Powell at the Federal Reserve is beginning to take shape, and one of Wall Street’s most influential figures has stepped into the spotlight.
Rick Rieder, a longtime markets veteran and current head of fixed income at BlackRock, has reportedly held private discussions with Treasury Secretary Scott Bessent about the future of U.S. monetary policy and the central bank’s structure.
The meeting, which took place in New York earlier this week, is part of a wider consultation process as the White House evaluates potential successors ahead of Powell’s term expiring in May. Sources familiar with the talks said Bessent has already spoken with several contenders and intends to narrow the field to a shortlist of names for President Donald Trump later in the year.
Rieder’s career spans decades, from nearly 20 years at Lehman Brothers to a key leadership role at BlackRock, where he has overseen one of the world’s largest fixed-income portfolios since joining in 2009. Supporters say his steady demeanor, command of global markets, and experience managing large teams make him a compelling candidate to guide the Fed in turbulent times.
Trump, however, is weighing several other names. Economists Christopher Waller, Kevin Warsh, and Kevin Hassett are believed to be among the frontrunners, with the President expected to make a final decision after reviewing Bessent’s recommendations this fall. Trump has been openly critical of Powell’s pace in responding to economic signals, at one point mocking him with the nickname “Too Late.”
While speculation over the Fed chairmanship intensifies, Rieder has continued to make headlines for his market outlook. In a recent CNBC interview, he suggested that Bitcoin deserves a place in diversified portfolios alongside gold, though he cautioned that allocations should depend on each investor’s risk tolerance. His remarks underscore how digital assets are increasingly being weighed in the same breath as traditional safe-havens.
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Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.
