BlackRock executive Rick Rieder is emerging as a strong contender for Federal Reserve chair, bolstered by his Wall Street credentials and willingness to reform the central bank, according to a report Friday from Bloomberg News, citing sources familiar with White House deliberations.
Rieder has captured President Donald Trump’s attention with numerous ideas for overhauling the Fed. His candidacy is further strengthened by the fact he has never worked at the central bank, unlike the other three finalists, making him appear less institutionally entrenched.
The BlackRock executive is one of four contenders for the position, alongside White House National Economic Director Kevin Hassett, Fed Governor Chris Waller, and former Fed official Kevin Warsh.
Bond market participants have responded positively to Rieder as Trump administration officials have sought investor feedback on the shortlist of candidates.
According to Polymarket data, Rieder currently has a 35% chance of being selected for the Fed Chair position, up from 6% earlier this week. Kevin Warsh’s chances have declined to 41%, down from nearly 60% in recent days.
