US Treasury Secretary Bessent says ‘formal process’ for Powell successor has started, Bloomberg News reports

U.S. Treasury Secretary Scott Bessent, in an interview on Bloomberg Surveillance on Tuesday, said that a "formal process" is already starting to identify a potential successor to Federal Reserve Chairman Jerome Powell.

"There are a lot of great candidates, and we'll see how rapidly it progresses," Bessent said.

Bessent also said it would be confusing for Powell to remain at the Fed after his term as chair ends.

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