U.S. President Donald Trump has announced that Treasury Secretary Scott Bessent has declined to be considered as a candidate for the new Federal Reserve (The Fed) Chair. Trump made the statement during an interview with CNBC on Tuesday (5/8).
"Scott Bessent wants to stay at the Treasury Department and not move to The Fed," Trump said.
Previously, Scott Bessent was considered a potential candidate to replace Jerome Powell as The Fed Chair, especially if Trump were to win the upcoming November election.
This decision reinforces Bessent's position to continue leading U.S. fiscal policy amidst global economic tensions, high interest rates, and market uncertainty ahead of the presidential election.
As of now, there has been no official statement from Bessent regarding his decision. However, observers believe this move reflects his preference to continue managing fiscal policy rather than shifting to monetary policy.
Source: Goldwin
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