Rick Rieder, BlackRock’s fixed income chief, appears to be the top candidate for the Federal Reserve chair held by Jerome Powell, whose term is ending in May 2026. According to Kalshi, he holds a 48% chance, which is well ahead of his competitors. It seems like the seat will either go to Rick Rieder or former Governor Kevin Warsh, with a smaller chance of it going to the NEC director Kevin Hassett. Sentiments are mixed on who the markets believe will take the seat, but these three candidates are the front runners for this position.
Rick Rieder is an interesting choice for many reasons. He seems to align with President Trump's views in many ways such as pushing for lower interest rates and is willing to use the Fed’s balance sheet to guide the economy. However, some critics have noted that Rieder represents a firm that is more focused on a globalist finance view, while President Trump has a more nationalist view. Rieder would be replacing Powell, who Trump has repeatedly stated his dislike for. Some wonder if this change will result in any kind of shift because Rieder, like Powell, does not have a PhD in Economics, but instead has a market-rich background.
As the nomination process is coming to an end Rick Rieder seems to be the top choice due to his views aligning so closely with Trump’s agenda.
Market thinks BlackRock's Rieder will next chair the Fed. What's at stake
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