๐จ BREAKING: Trump Drops Bessent from Fed Chair List Amid Rate Cut Drama ๐บ๐ธ๐
In a major shake-up, former President Donald Trump has officially pulled Treasury Secretary Scott Bessent from the shortlist to replace Fed Chair Jerome Powell, revealing Bessent declined the role to stay focused on his current duties.
๐ฌ โScottโs great โ but heโs happy where he is,โ Trump told CNBC. โI asked him last night, and he said, โNope, not for me.โ So heโs off the list.โ
๐ New Names in the Mix
Trumpโs revised Fed chair contenders now include:
๐ง Kevin Warsh โ Former Fed Governor
๐ Kevin Hassett โ White House economist
โ Two other unnamed candidates
This comes as Trump continues to blast Powell for dragging his feet on rate cuts โ calling him everything from โa numbskullโ to โa complete moron.โ Trump has made it clear he wants a Fed leader whoโs more aggressive about slashing rates to boost growth.
๐ Fed in Turmoil
The Fed recently chose to hold interest rates steady, citing trade tensions and economic uncertainty. But that decision wasnโt unanimous:
๐ Governor Christopher Waller and Vice Chair Michelle Bowman wanted a cut
๐คฏ Governor Adriana Kugler just resigned, leaving another seat open
Trump plans to fill that vacancy within days โ but only for a 4-month interim term, potentially testing out a future long-term Fed chief before Powellโs term wraps up in 2026.
๐ Bessent Still in the Game โ on Trade Frontlines
Even though heโs out of the Fed race, Bessent isnโt fading from view. Heโs currently spearheading high-stakes trade talks, including a pivotal round of negotiations with China held in Sweden.
๐ All eyes are on the August 12 deadline to see if existing U.S.-China tariffs will be extended or rewritten.
Meanwhile, Kevin Hassett confirmed that Bessent is still playing a role behind the scenes, helping vet potential Fed nominees.
๐ง Quick Recap:
โ Scott Bessent withdraws from Fed Chair race
