Trump's Treasury Pick for Fed: Bessent in the Running
President Donald Trump suggested Treasury Secretary Scott Bessent could potentially replace Federal Reserve Chairman Jerome Powell. Although Bessent is a candidate, Trump has expressed satisfaction with Powell's current performance. With Powell's term ending in 2026, Trump has criticized him for insufficiently lowering interest rates amidst rising inflation linked to Trump's tariff policies.
In a potential shake-up at the Federal Reserve, President Donald Trump hinted at Treasury Secretary Scott Bessent as a possible successor to Chairman Jerome Powell. Despite Bessent being in the running, Trump is reportedly pleased with Powell's performance thus far.
The president has criticized Powell in recent months over his handling of U.S. interest rates, pushing for further cuts amidst a low unemployment rate and inflation above the Fed's 2% target. Data indicates that consumer prices are increasing, influenced by Trump's tariff policies.
As Powell's term concludes in May 2026, other candidates, including former Fed Governor Kevin Warsh and economic adviser Kevin Hassett, are also being considered. The Trump administration argues that tariffs will not lead to long-term inflation despite a recent rise in consumer prices.
(With inputs from agencies.)
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