Big move in D.C.! Former President Trump just confirmed that Treasury Secretary Scott Bessent is officially out of the running to replace Jerome Powell as Fed Chair. Why? Simple — Bessent wants to stick with his current job.
“I love Scott, but he wants to stay where he is,” Trump said in a CNBC interview.
So, who’s still in the race? Trump’s looking at names like Kevin Warsh and Kevin Hassett, with two mystery candidates still under wraps. This comes as Trump keeps throwing shade at Powell, blaming him for not cutting interest rates fast enough.
What’s going on at the Fed?
The Fed recently decided not to cut interest rates, but that decision wasn’t unanimous. Some top Fed members actually wanted a rate cut! Plus, Fed Governor Adriana Kugler just resigned, creating another opening that Trump plans to fill—possibly as a test run for the full-time Chair role in 2026.
Meanwhile, Bessent may not be heading to the Fed, but he’s still busy. He’s leading high-stakes trade talks with China ahead of a key August 12 deadline. 🇺🇸🇨🇳
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