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Bessent on becoming Fed chair: ‘I will do what the president wants’

UNITED STATES, JUN 30 – Scott Bessent supports President Trump's plan to replace Jerome Powell as Federal Reserve Chair, signaling a major policy shift amid tensions over interest rate cuts and economic strategy.

  • U.S. Treasury Secretary Scott Bessent confirmed on Monday that the Trump administration is searching for a replacement for Federal Reserve Chair Jerome Powell whose term expires in May 2026.
  • This search follows rising tensions between Trump and Powell, with Trump pressuring Powell to cut interest rates and reportedly considering Bessent as a successor.
  • Bessent emphasized relying on market-based indicators over experts, noting a strong market recovery after a sharp decline and praising major stock indices reaching record highs.
  • He stated, "I will do what the President wants" regarding the Fed chair role and highlighted the Treasury's progress on tax bills and trade negotiations amid ongoing economic momentum.
  • This transition could impact U.S. monetary policy independence and influence bond yields, inflation expectations, and market stability as the administration weighs options for Powell's replacement.
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Just the News broke the news in Washington, United States on Monday, June 30, 2025.
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