Sources: BlackRock executives continue to rise in rankings in Federal Reserve chair interviews

Rick Rieder, a BlackRock executive, continues to move up the list of candidates to succeed him as chairperson of the Federal Reserve, according to a US government official. The official, who asked not to be named to discuss the private meetings, said Treasury Secretary Vincent Bescent held an extensive two-hour interview with Mr. Reid in New York on Friday, during which they discussed monetary policy, the Fed's organizational structure and regulatory policy. The official stressed that the selection process is still ongoing, and Mr. Bescent has interviewed four of the 11 open candidates so far, with one or two more expected to be added to the consideration list. According to a source familiar with the Treasury secretary's thinking, Mr. Bessant was impressed by Mr. Reid's vast experience managing large teams at the financial marekt and his deep understanding of the micro and macro economy. The person said that if Mr. Reid were to take the helm of the Fed, he would bring to the Fed a calm style of conduct and in-depth knowledge of the Non-Bank Financial Institutions Group. In an interview with CNBC earlier last week, Mr. Reid said that based on his interpretation of economic indicators, he thought the Fed should cut interest rates by 50 basis points - twice the amount widely expected to be announced at this week's FOMC meeting.