Rick Rieder, BlackRock Senior Managing Director, Chief Investment Officer of Global Fixed Income, talking on the Delivering Alpha convention in New York City on Sept. 28, 2023.
Adam Jeffery | CNBC
The White House search for the following Federal Reserve chair continues to twist and switch, with BlackRock bond chief Rick Rieder rising because the latest scorching candidate.
Administration sources inform CNBC that the asset administration large’s chief funding officer of world mounted revenue interviewed Friday with Treasury Secretary Scott Bessent, the Trump administration’s level man for Jerome Powell’s successor.
“Whoever ends up being the Fed chair, there’s so many innovative things,” Rieder mentioned Tuesday throughout a CNBC look.
The dialogue with Rieder centered on financial coverage, in addition to structural points associated to the central financial institution, sources mentioned. Bessent has publicly said that he needs to see not solely new management on the Fed, but in addition basic adjustments in the way in which it operates.
Along with the Rieder interview, Bessent earlier this week spoke with former Fed Governors Kevin Warsh and Lawrence Lindsey, in addition to James Bullard, who had served as president of the St. Louis Fed.
Trump has given little indication about his choice from an inventory reported to embody 11 candidates, together with previous and current Fed officers, Wall Street strategists and outstanding economists. Similar to Powell, Rieder would provide a departure from conventional central financial institution chiefs having PhDs in economics.
The Fed meets subsequent week, with markets extensively anticipating the primary rate of interest minimize since December 2024. Trump, although, has demanded bigger cuts as he sees increased charges damaging the housing market and elevating borrowing prices for the federal government.