Treasury Secretary Scott Bessent said Tuesday that he is finishing the second round of interviews for the next Federal Reserve chair and has narrowed the field from about eleven candidates to five. He noted there is a strong possibility President Donald Trump will announce his choice before Christmas, though the final decision is entirely the president’s. Leading contenders include National Economic Council Director Kevin Hassett, Federal Reserve Vice Chair for Supervision Michelle Bowman, Fed board member Christopher Waller, former Fed governor Kevin Warsh, and BlackRock executive Rick Rieder. The White House has downplayed suggestions that Hassett is the frontrunner, emphasizing that all discussion remains speculative until Trump makes a formal announcement.
As the selection process continues, consumer confidence has strengthened. The Conference Board reported a July rise to 97.2, indicating stabilization after a steep drop earlier in the year. That decline followed Trump’s announcement of broad tariffs that raised fears of higher costs and labor-market strain. Those concerns eased as the administration delayed some tariffs and secured trade deals with several countries, including China, Japan, and the United Kingdom. Economists note that while consumer worries persist, prices for many major commodities have remained stable.
Despite stabilized prices, signs of renewed inflationary pressure are emerging. Goods affected by trade policy—such as electronics, apparel, and auto parts—have begun to rise in cost. Meanwhile, U.S. tariff revenue has surged. In July alone, the government collected nearly $28 billion in customs duties, the highest monthly total of the year and already surpassing June’s record. Tariff revenues have climbed sharply in 2024, rising from $7.9 billion in January to $16.3 billion by April, reflecting the expanding impact of the administration’s trade measures.