Blackrock's Rick Rieder Climbs Fed Chair Contender Rankings

BlackRock Inc.’s Rick Rieder is emerging as a serious contender to become the next chair of the Federal Reserve once Jerome Powell’s term concludes in May, according to a senior administration official.

‍

The development follows a lengthy, two-hour meeting in New York on Friday between Treasury Secretary Scott Bessent and Rieder. The two reportedly discussed a wide range of topics, including the Fed’s monetary strategy, its organizational framework, and regulatory policy. The source, who asked not to be identified, emphasized that the conversation was part of an ongoing search process.

‍

So far, Bessent has spoken with four of the 11 candidates whose names have surfaced publicly as being in the running for the role. The official added that one or two additional candidates will likely be added to the list before the process concludes.

‍

Rieder, a top executive at BlackRock, has built a strong reputation over decades in financial markets. He currently oversees the firm’s massive fixed-income division, a role he has held since joining BlackRock in 2009 after nearly 20 years at Lehman Brothers Inc. A spokesperson for the firm declined to comment on the matter.

‍

According to a person familiar with Bessent’s impressions, the Treasury Secretary was particularly struck by Rieder’s extensive experience managing large teams and navigating both macroeconomic and microeconomic forces that shape the economy. Should he be appointed, Rieder would bring a calm, steady temperament along with a deep knowledge of financial institutions that operate outside the traditional banking sector.

‍

Bessent is also said to admire Rieder’s emphasis on forward-looking models to evaluate the economy, rather than relying too heavily on backward-looking data. This perspective stood out to the Treasury chief, who has expressed a preference for policymakers able to anticipate economic shifts rather than react to them.

‍

That trait also caught Bessent’s attention earlier in the summer during a separate conversation with Fed Governor Christopher Waller. President Donald Trump, meanwhile, has voiced frustration with Powell’s heavy reliance on lagging indicators, even nicknaming him “Too Late” for what he sees as delayed decision-making.

‍

Two senior aides — one with expertise in macroeconomics and another with a focus on regulatory and market policy — also sat in on the discussion between Bessent and Rieder, underscoring the weight of the evaluation process.

‍

Trump has recently narrowed his shortlist of favorites for the Fed chairmanship. He has publicly named Christopher Waller, former Fed official Kevin Warsh, and Kevin Hassett, currently serving as director of the National Economic Council, as top contenders.

‍

Even so, the president has tasked Bessent with conducting a broad and methodical search. The Treasury Secretary has made clear that he intends to meet with all serious candidates before presenting Trump with a refined shortlist of three or four finalists later this fall.

‍