The U.S. Treasury Department has officially confirmed that the process to find a new chair for the Federal Reserve is now underway. This development comes amid increasing political pressure on current Fed Chair Jerome Powell and growing speculation about his possible resignation.
In an interview with Bloomberg TV, Treasury Secretary Scott Bessent announced that the government has formally launched the search for Powell's successor. He stated there are "many great candidates" from both inside and outside the Fed, suggesting that the process could move quickly.
š Political Pressure Mounts on Powellās Tenure
Although Powellās term runs until May 2026, his position is becoming increasingly uncertain. Donald Trump has repeatedly criticized Powell's monetary policy decisionsāespecially interest rate levelsāand has openly called for his resignation. Additionally, Powell is under Senate investigation regarding his past testimonies, adding fuel to the fire.
Bessent acknowledged that Powell remaining on the Fed's Board of Governors after a potential resignation would be āvery confusingā for financial markets. The question of Powellās future now lies at the center of both political and market discussions.
š Who Could Take Over the Fed?
According to prediction platform Polymarket, four top contenders are currently in the spotlight:
š¹ Kevin Warsh ā Former Fed Governor, currently leading with a 20% chance
š¹ Scott Bessent ā Current Treasury Secretary (18%)
š¹ Kevin Hassett ā Former Trump economic advisor (18%)
š¹ Christopher Waller ā Current Fed Governor (6%)
While Kevin Warsh recently made headlines by aligning with Trumpās rate-cutting stance and criticizing current Fed policies, other contenders also support a more dovish monetary direction in line with Trumpās economic agenda.
š§ Whatās Next?
The race to find a new Fed Chair is heating up. The key question remains whether Powell will resign early or finish his term through May 2026. With markets and politics in flux, the landscape could shift rapidly.
#Fed , #FederalReserve , #JeromePowell , #ScottBessent , #economy
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