The meetings/interviews took place over a number of weeks and concluded earlier this week on Tuesday, according to the sources. There were 11 candidates and all were grilled for up to two hours by US Treasury secretary Bessent, Treasury official Hunter McMaster and adviser Francis Browne.
Bessent was said to have probed candidates on their stance on interest rates and questioned their views on his own recent remarks in wanting reforms at the Fed as well as his criticism towards QE. The people cited also say that the candidates were also asked about governance and how they would deal with allegations that the Fed has overstepped its mandate i.e. "mission creep".
In any case, Trump will have the final say in all of this so technically the process here doesn't matter all too much. Among the favourites are former Fed governor Kevin Warsh, current governor Christopher Waller, and current economic adviser Kevin Hassett. But it is also said that BlacRock CIO Rick Rieder also performed "very well" during the interview.
As a reminder, incumbent Fed chair Powell's term ends only in May next year but he can stay on as governor until 2028. That said, most Fed chairs have stepped down immediately from their role in the central bank once their term has ended. So, I wouldn't expect Powell to stay on for longer than is needed to deal with more harassment.
