Rick Reed becomes a strong contender for the Federal Reserve Chairman

BlackRock executive Rick Reid is increasingly in momentum as the next candidate for Fed chairman, according to a U.S. government official. The official, who spoke on condition of anonymity, revealed that U.S. Treasury Secretary Bezant had a two-hour in-depth interview with Reed in New York last Friday. The two sides discussed issues such as monetary policy, the Fed's organizational structure and regulatory policy. The selection process is still in progress, and Bezant has interviewed 4 of the 11 public candidates, and one or two candidates are expected to be considered. Bezant was impressed by Reid's extensive experience in managing large teams in financial markets and his deep understanding of micro and macroeconomic issues, according to people familiar with the matter. If appointed, Reed is expected to bring a solid policy approach to the Fed and gain a deeper understanding of non-bank financial institutions. Reid expressed his opinion in a recent interview with CNBC, believing that the Fed should cut interest rates by 50 basis points, a drop that is twice the market expected to cut interest rates for this week's FOMC meeting.