U.S. Treasury Secretary Scott Bessent announced plans to interview 11 candidates for the position of Federal Reserve chair around Labor Day, early September 2025. These candidates are described as a strong group, including current and former Fed officials as well as private sector professionals. The interviews aim to narrow down the list to present a nominee to President Donald Trump, whose administration is preparing for the expiration of Jerome Powell's term as Fed chair in May 2026. Meanwhile, former Federal Reserve official James Bullard confirmed he has spoken with Bessent about the Fed chair role and expects to interview with him after Labor Day. Bullard also indicated that interest rates are currently high and suggested the possibility of a 100 basis point reduction into 2026, depending on economic data. He noted that the Federal Reserve may take further actions next year and highlighted concerns about U.S. debt reflecting a spending problem.