Blackrock’s Rick Rieder has evidently made the long list of Fed candidates and he impressed Scott Bessent, according to a Bloomberg report.
I don’t think it’s any surprise that Rieder said the Fed ‘should’ cut by 50 basis points at the upcoming meeting and maybe that’s why he got the interview (or the praise). The interview was this morning and ‘lasted for two hours’, according to the report.
That said, Rieder is certainly credible. He is a smart, thoughtful guy and of all the names floated for Fed Chair so far, I think he would instill the most confidence in the bond market. If you’ve ever heard him on TV, he’s a great communicator and a straight shooter; certainly not a politician.
Bessent said he will interview all the contenders and offer Trump a short-list of three to four to consider later this fall. Let’s home Rieder is on the list.
