Jerome Powell’s term as Federal Reserve Chairman lasts until May 15, 2026, but his successor may be chosen before Christmas, causing speculation and uncertainty. Treasury Secretary Scott Bessent will recommend a successor to the president, subject to Senate confirmation. Trump’s criticisms of Powell have led to a dispute over the Fed’s independence.

Potential nominees for the Fed chair include Kevin Hassett, Christopher Waller, Michelle Bowman, Kevin Warsh, and Rick Rieder. Hassett, a front runner, is known for advocating interest-rate and tax cuts. His nomination could impact stock and bond prices. Stock index futures were lower after a strong week for stocks.

The Labor Department’s November jobs report release has been delayed to Dec. 16 due to data collection issues. Reports on U.S. manufacturing and service economies will be examined before the Fed’s interest-rate decision. The ADP private-sector employment report will be closely watched for insights into job growth trends.

Jobless claims data shows a slight increase, but layoff announcements have surged in certain industries. The Personal Income Spending Index and Consumer Sentiment Index reports could influence market movements and Fed policy decisions. Consumer attitudes and spending trends will also be monitored closely.

Read more at Yahoo Finance: Administration closer to naming new Fed chair