While President Trump has a list of five finalists for the next chair of the Federal Reserve, he said last week that he thinks he knows who he'll pick. "I think I already know my choice," Trump told reporters in the Oval Office regarding who will replace outgoing Fed Chair Jerome Powell,

The stock market faces significant challenges in the near term, including high valuations, a weakening economy, and dismal consumer sentiment.

Kevin Hassett, a top White House economic adviser, is said to become the front-runner to lead the Federal Reserve, raising questions about its independence.

Federal Reserve policymakers are split over whether they should continue cutting interest rates, ending the long stretch of consensus that has defined Chair Jerome Powell’s leadership of the central bank.

In late September, Fed Chair Powell delivered a speech in Rhode Island, where he was questioned about the variables the Fed's Board of Governors considers when making monetary policy decisions. In particular, he was asked if movements in the stock market factor into the central bank's decision-making process.

With Jerome Powell's term ending in May, several candidates are in the running to become the next Federal Reserve chair.

Bets on Kevin Hassett becoming the next Federal Reserve chair have surged over the last 24 hours, placing him as clear favorite to succeed Jerome Powell next year.

WASHINGTON (Reuters) -U.S. Federal Reserve Governor Christopher Waller said he met with Treasury Secretary Scott Bessent recently to further discuss his possible nomination as Fed Chair, as the Trump administration moves forward in picking a replacement for Jerome Powell.