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2025-10-10 22:30:36
[Federal Reserve Chair Candidates Shortened to Five, Removing Tail Risk from US Treasuries] Recent reports indicate that the list of candidates for Federal Reserve Chair has been shortened from 11 to five following interviews by US Treasury Secretary Scott Bessant. Equally important is who is selected, and Stephen Milan's failure to reach the final round is positive for long-term US Treasuries, which had previously been impacted by concerns about the Fed's independence. Fed Governors Bowman and Waller remain under consideration, despite not supporting the deeper rate cuts advocated by interim appointee Milan, further suggesting that concerns about the Fed's independence are somewhat overblown. This is particularly reinforced by the Supreme Court's decision to allow Governor Lisa Cook to remain in office until oral arguments in the case surrounding President Trump's dismissal. Analysts predict Cook will prevail.
