BlackRock executive Rick Reid is among the top candidates for Federal Reserve chairperson

Rick Reid, a senior BlackRock executive, has moved up the list of contenders for Federal Reserve chairperson, according to a US government official. In a wide-ranging two-hour meeting in New York on Friday, Mr. Bescent, the Treasury secretary, had in-depth exchanges with Mr. Reid on monetary policy, the Fed's organizational structure and regulatory policy, the official said. So far, Mr. Bescent has interviewed four of the 11 candidates publicly considered to be on the list, and stressed that the selection process is still ongoing. One or two more candidates are likely to be added to the shortlist in the future. Mr. Reid is one of BlackRock's most senior executives, overseeing the firm's fixed income business. According to reports, Bescent was impressed by Reid's long experience leading large teams at the financial marekt and his deep understanding of the micro and macro factors affecting the economy. If Reid were to become chairperson of the Federal Reserve, he would bring a calm style and in-depth knowledge of the Financial Institution Group outside the banking system. In addition, Bescent particularly appreciated Reid's ability to use a forward-looking framework to evaluate economic trends, rather than relying solely on lagging historical data.