Who is Rick Rieder, the leading candidate to become the next Federal Reserve chair?

Rick Rieder Emerges as Leading Candidate for Federal Reserve Chair

Recently, Treasury Secretary Scott Bessent indicated that President Donald Trump may announce his pick for the next Federal Reserve Board of Governors chair as early as this week. Jerome Powell, the current chair, will see his term conclude in May.

Just a fortnight ago, both financial and prediction markets largely expected Trump to select either Kevin Hassett or Kevin Warsh for the position. However, Rick Rieder, who serves as BlackRock’s chief investment officer for global fixed income, has rapidly become the top contender. In his current role, Rieder oversees a portfolio exceeding $2.4 trillion in fixed-income investments.