Sources familiar with the matter told The Wall Street Journal that US Treasury Secretary Scott Beisent will begin a series of interviews on Friday to find a candidate for the position of Federal Reserve Chair. The interviews will continue throughout the following week, with Beisent speaking to candidates either in person or via video conferences.

The sources added that there are 11 candidates vying to succeed Jerome Powell as head of the Federal Reserve, including Federal Reserve Governors Christopher Waller and Michelle Bowman, National Economic Council Director Kevin Hassett, and former Federal Reserve Governor Kevin Warsh.

After conducting the interviews, Beisent intends to recommend a final list of candidates to President Donald Trump for the final decision.

The Trump administration’s move to appoint a new Federal Reserve Chair comes amid deepening disagreements with current Chair Jerome Powell, who has repeatedly rejected the US president’s demands to cut interest rates.

In his last appearance at the Jackson Hole Economic Policy Symposium on August 22, Powell opened the door to a possible rate cut in September. Markets are awaiting the outcome of the Federal Open Market Committee meeting in Washington on September 16-17.

Powell is entering his final months as Federal Reserve Chair, with his term ending in May next year, facing a delicate challenge of achieving consensus among policymakers divided over the appropriate monetary policy path.

Forecasts released in June showed that the majority of policymakers expect at least two rate cuts this year, while a large minority prefer no cuts at all in 2025.

Last week, Mohamed El-Erian, chief economic advisor at Allianz, said Powell should resign to protect the independence of the world’s most powerful central bank.

El-Erian pointed out that the deep hostility between President Trump and Powell makes it impossible for Powell to complete his term under other circumstances.