US EditionWho Will Be Trump’s New Fed Chair? Search Has Reportedly Begun—Here Are The Likely Candidates
UNITED STATES, JUL 15 – Treasury Secretary Scott Bessent confirmed a formal search for Jerome Powell's Federal Reserve successor amid political pressure and rising inflation at 2.7%, officials said.
- On Tuesday, Treasury Secretary Scott Bessent confirmed the Trump administration has officially begun a formal search for Jerome Powell's replacement as Federal Reserve chair.
- This move follows growing White House frustration over Powell's refusal to lower interest rates aggressively amid unresolved concerns about cost overruns on the Fed's $2.5 billion headquarters renovation.
- Bessent emphasized there are many qualified candidates inside and outside the Fed, and he stated that allowing Powell to stay on as governor after his chair term would confuse markets.
- After Bessent's comments, interest rates on short-term U.S. government bonds reached their highest levels of the session, while JPMorgan CEO Jamie Dimon emphasized the importance of maintaining the Federal Reserve's independence, describing it as “absolutely critical.”
- The ongoing search and political tension suggest potential changes in Fed leadership could affect future monetary policy and market stability as Powell's term expires on May 15, 2026.
20 Articles
20 Articles
Treasury Secretary Scott Bessent confirms search for Fed Chair Jerome Powell’s successor is underway
The Trump administration has formally begun the search for a successor to Federal Reserve Chair Jerome Powell, whose term ends in 2026. Treasury Secretary Scott Bessent confirmed the process is underway, amid rising tensions over Powell’s refusal to cut interest rates.
Scott Bessent confirms moves to replace Jerome Powell are under way: 'There's a formal process that’s already starting'
Scott Bessent confirms moves to replace Jerome Powell are under way: ‘There’s a formal process that’s already starting’ The search for the next leader of the world’s most influential central bank is officially under way, Treasury Secretary Scott Bessent told Bloomberg on Tuesday. “There’s a formal process that’s already starting,” he said when asked about efforts to find Jerome Powell’s replacement as Federal Reserve chair. Powell’s term expires…
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