Rick Rieder Emerges as Strong Contender for Federal Reserve Chair

According to BlockBeats, Rick Rieder, a senior executive at BlackRock, is gaining traction as a candidate for the next Federal Reserve Chair, as revealed by a U.S. government official. The official, who spoke on condition of anonymity, disclosed that U.S. Treasury Secretary Besant held an extensive two-hour interview with Rieder in New York last Friday. Their discussion covered topics such as monetary policy, the Federal Reserve's organizational structure, and regulatory policies. The selection process is still ongoing, with Besant having interviewed four out of the eleven publicly known candidates so far, and one or two additional candidates expected to be considered. Sources familiar with the Treasury Secretary's thinking noted that Besant was impressed by Rieder's extensive experience in managing large teams in financial markets and his deep understanding of both micro and macroeconomic issues. If appointed, Rieder is expected to bring a steady approach to the Federal Reserve and a comprehensive understanding of non-bank financial institutions. In a recent interview with CNBC, Rieder expressed his view that the Federal Reserve should cut interest rates by 50 basis points, which is double the reduction anticipated by the market for this week's FOMC meeting.