Key Takeaways
- Treasury Secretary Scott Bessent is expanding the search for the next Federal Reserve Chair, considering multiple high-profile candidates including current Fed Vice Chairs Michelle Bowman and Philip Jefferson, and Dallas Fed President Lorie Logan.
- The White House anticipates an announcement regarding the next Fed Chair this fall.
- Multiple explosions occurred today at U.S. Steel Clairton Coke Works in Clairton, PA, prompting an immediate response from state and local officials, with reports of at least one fatality and dozens injured or unaccounted for.
- The Bank of France projects Q3 GDP growth around 0.3%, similar to the second quarter, indicating stable, albeit moderate, economic expansion.
The race to name the next Federal Reserve Chair is heating up, with Treasury Secretary Scott Bessent actively broadening the pool of potential successors to Jerome Powell. Simultaneously, a significant industrial incident has unfolded at U.S. Steel's (X) Clairton Coke Works in Pennsylvania, drawing immediate attention from state and federal authorities.
Federal Reserve Chair Succession
The search for the next Federal Reserve Chair is intensifying, with Scott Bessent expanding the list of candidates. Among those under consideration are Federal Reserve Vice Chairs Michelle Bowman and Philip Jefferson, as well as Dallas Fed President Lorie Logan. These individuals are seen as potential successors to current Chair Jerome Powell, whose term concludes next year.
Other notable candidates reportedly being weighed include Kevin Hassett, Christopher Waller, Marc Sumerlin, Kevin Warsh, and James Bullard. The White House has indicated that an announcement regarding the next Fed Chair is expected this fall. This comes as President Trump has previously criticized Powell over interest rate policies and has been active in shaping the Fed's board, including a recent temporary nomination of Stephen Miran to fill a vacancy.
U.S. Steel Clairton Coke Works Incident
Multiple explosions rocked the U.S. Steel Clairton Coke Works facility in Clairton, Pennsylvania, today. Emergency crews, including police, fire, and EMS, swiftly responded to the scene of what was declared a "mass casualty incident" around 11 a.m. local time. Reports indicate at least one person has died, with dozens injured and at least one person still unaccounted for. Several patients have been transported to area hospitals, including Jefferson Hospital, Allegheny General Hospital, Forbes Hospital, and UPMC Mercy Hospital.
Pennsylvania Governor Josh Shapiro confirmed that his administration is in constant contact with labor leaders and local officials, and he has spoken with Allegheny County Executive Sara Innamorato to offer the Commonwealth's full support. U.S. Senator John Fetterman (D-Pa.) visited the site, describing the situation as "absolutely tragic" and emphasizing the inherent dangers of steelmaking. The Allegheny County Health Department has urged residents within a one-mile radius of the plant to stay indoors, close windows and doors, and recirculate HVAC systems as air quality is assessed.
European Economic Outlook
In Europe, the Bank of France has provided an update on the country's economic performance. The central bank projects that France's Gross Domestic Product (GDP) growth will be around 0.3% in the third quarter of 2025, a rate similar to that observed in the second quarter. This indicates a continued moderate expansion for the French economy. Earlier forecasts from the Bank of France in March and June had adjusted 2025 GDP growth expectations to 0.7% and 0.6% respectively, down from earlier predictions, citing factors like global demand and trade tensions.
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications.