Rick Rieder, a senior executive at BlackRock Inc., has emerged as a potential candidate to take over the position after Chairman Jerome Powell’s term expired in May.
Treasury Secretary Scott Bescent held a two-hour meeting with leaders in New York yesterday, according to sources familiar with the issue. The conference focused on monetary policy, the Fed institutional structure and regulatory policy.
Bessent reportedly met four of the 11 candidates publicly mentioned so far, and the process is ongoing. It has also been reported that one or two more names may be added to the list.
Leaders head BlackRock’s fixed income securities division. He joined the company in 2009 and previously spent nearly 20 years at Lehman Brothers. BlackRock declined to comment.
Treasury Secretary Becent is reportedly impressed by his long career in the leader’s market, his experience in managing large groups, and his deep understanding of micro and macroeconomic factors. Leaders noted that they could take office with a gentle approach and extensive knowledge of non-banking financial institutions.
But President Donald Trump believes Powell is known to be nicknamed “too late” and is too late to act on economic data. Trump reportedly views Christopher Waller, Kevin Warsh and Kevin Hassett as candidates for Fed Chairmanship.
Bescent is expected to meet all candidates on behalf of Trump and present the president with a candidate list of three to four names in the fall.
Bitcoin should be included in the portfolio along with gold, but the allocation will depend on each investor’s risk profile, BlackRock’s global bond investment director Rick Leader said on CNBC on Tuesday.
*This is not investment advice.