Trump Rules Bessent Out For Fed Chair

President Donald Trump on Tuesday said Treasury Secretary Scott Bessent will not be the next chair of the Federal Reserve.

Trump, in an interview on CNBC’s Squawk Box, said Bessent told him Monday evening that he does not want the job as central bank head and intends to remain Treasury secretary.

The president has been mulling replacements for current Fed chair Jerome Powell, who he has been feuding with for weeks as he aggressively pushes the bank to lower interest rates. Trump has long tussled with Powell, who Trump appointed to the Fed during his first term, and made clear earlier this year he can’t wait for the chair to leave.

“I love Scott, but he wants to stay where he is,” Trump said. “He's doing a great job, and he wants to do what he's doing.”

Trump did, however, reiterate that National Economic Council Director Kevin Hassett and former Fed board member Kevin Warsh remain on his short list to run the central bank. He also said that he is considering two other individuals, though he did not name them or clarify if current Fed board member Chris Waller is on his list.

“The two Kevins are doing well, and I have two other people that are doing well,” Trump said. “I think that it'll be one of four people.”

Powell’s term as Fed chair ends next May, though his time on the central bank board does not end until 2028.

The president added that he plans to soon name a replacement for Fed Governor Adriana Kugler, a Biden appointee who is stepping down from her role on Aug. 8. He said he plans for that to be a short-term replacement, though he may appoint someone to that role who could eventually take over the job as Fed chair.