Sources: BlackRock executives with more aggressive stance on rate cuts continue to rise in Fed chairman interviews

According to a U.S. government official, BlackRock executive Rick Rieder continues to rise in the rankings of contenders to succeed him as Federal Reserve chairman. The official, who requested anonymity to discuss private meetings, said U.S. Treasury Secretary Benson & Co. held a wide-ranging, two-hour interview with Rieder in New York last Friday, discussing topics including monetary policy, the Fed's organizational structure, and regulatory policies. The official emphasized that the selection process is ongoing, with Benson & Co. interviewing four of the 11 open candidates and expecting one or two new candidates to be considered. A source familiar with the Treasury secretary's thinking said Benson & Co. was impressed by Rieder's extensive experience managing large teams in financial markets and his deep understanding of micro and macroeconomics. The source said Rieder would bring a steady hand and deep knowledge of non-bank financial institutions to the helm. Earlier this week, Reed told CNBC that, based on his reading of economic indicators, he believed the Fed should cut interest rates by 50 basis points—double the amount widely expected at this week's FOMC meeting. (Golden Ten)