President Donald Trump said Treasury Secretary Scott Bessent is no longer seen as a replacement for Jerome Powell as the Fed’s chairman.
“I love Scott, but he wants to stay in his place,” Trump said Tuesday in a CNBC interview on Tuesday morning. “I'll take him away because I asked him last night, 'Is this what you want? No, I want to stay with me.'”
Trump said he was considering former Fed Governor Kevin Warsh, top White House economist Kevin Hassett and two others in the position, which he did not agree with.
Fed Governor Adriana Kugler filed his resignation on Friday to fill Trump's position. Trump told CNBC that anyone who chose to replace Coogler would be in just four months.
“I will announce this soon,” Trump said in an interview with CNBC on Tuesday, adding: “In a short time, it will be four months.”
Trump also said that when Jerome Powell's term expires next year, his choice of Fed governor may eventually become the Fed's chairman's choice.
Hassett said on CNBC on Monday that Bessent is helping lead Trump's search for a Fed chairman.
Bessent has also been the first to conduct trade negotiations. Last week, he traveled to Sweden to meet with Chinese trade officials to discuss extending the current tariff rates for goods from both countries. This is due to the looming deadline of August 12, to extend the tax rate or face higher tariffs.
This is a developing story. It will be updated.