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Big twist in U.S. monetary politics โ Trump has officially dropped Scott Bessent from his shortlist for the next Fed Chair. Why? Bessent said no.
๐ฌ โScottโs great โ but heโs happy where he is,โ Trump told CNBC.
He turned it down just last night. Now, heโs out.
๐ Whoโs Still in the Running?
๐ง Kevin Warsh โ Former Fed Governor
๐ Kevin Hassett โ Ex-White House economist
โ Two mystery candidates still unnamed
This move comes as Trump continues attacking Jerome Powell, calling him everything from โnumbskullโ to โmoronโ for not slashing rates fast enough.
๐ Fed Under Fire:
The Fed just held rates steady โ again.
But it wasnโt unanimous:
๐ Waller & Bowman pushed for cuts
๐ฎ Kugler resigned โ another seat open
๐ Trump wants a 4-month temp pick ASAP โ possibly a trial run for Powellโs 2026 replacement.
๐ Bessent Isnโt Gone โ Just Shifted Focus
Heโs now leading high-stakes U.S.-China trade talks in Sweden.
๐ Mark August 12 โ thatโs the tariff showdown deadline.
Even off the Fed list, Bessent is still advising behind the scenes โ vetting future names that could reshape U.S. monetary policy.
๐ง TL;DR:
โ Bessent out of Fed Chair race
โ Trump eyeing rate-cut-hungry replacements
โ More volatility ahead? Count on it.