Trump Narrows Fed Chair List After Bessent Exit

President Donald Trump confirmed that Treasury Secretary Scott Bessent is no longer being considered to replace Jerome Powell as Federal Reserve Chair after Bessent opted to remain at Treasury. Trump said in a CNBC interview that the shortlist now includes former Fed governor Kevin Warsh, National Economic Council Director Kevin Hassett, and two other unnamed candidates. The recent resignation of Fed Governor Adriana Kugler gives Trump the chance to appoint a new board member, who could later be considered for the chair role when Powell's term ends in May 2026. Trump has criticized Powell for not lowering interest rates but indicated he will not remove Powell before his term expires to avoid market disruption. The Federal Reserve has kept interest rates steady and has not indicated that a rate cut is imminent. The search for a new Fed Chair remains ongoing.