BlackRock’s Rieder rising up Fed Chair contender list, Bloomberg says

BlackRock (BLK) Chief Investment Officer Rick Rieder is moving up the list of contenders to become the next Chair of the Federal Reserve when Jerome Powell’s term expires in May, Saleha Mohsin of Bloomberg reports, citing an administration official. Treasury Secretary Scott Bessent, who has interviewed 11 candidates, met with Rieder for two hours on Friday, a source told Bloomberg. Bessent was impressed with Rieder’s career in markets running large groups and his understanding of micro- and macro-contributors to the economy, someone familiar with the Treasury told Bloomberg. Shares of BlackRock are down $7.82 to $1,126.50 in afternoon trading.