The process to find Jerome Powell's replacement as Federal Reserve chair has begun, with Treasury Secretary Scott Bessent confirming there are strong candidates both inside and outside the Federal Reserve. Bessent suggested that Powell should consider stepping down from the Fed completely after his term to prevent market confusion. Pressure on Powell has increased, with the current administration seeking a leader who aligns with their preference for lower interest rates. An announcement for the new nominee could be made as soon as October or November.
"There's a formal process that's already starting," he said when asked about efforts to find Jerome Powell's replacement as Federal Reserve chair.
Bessent added, 'There are a lot of good candidates inside and outside the Federal Reserve.'
Bessent suggested that Powell should consider stepping down from the Fed entirely once his chairmanship ends, arguing that such a move would avoid confusion and maintain market stability.
Bessent's comments highlight the administration's desire for a clean break, with a new chair taking the reins and Powell stepping aside entirely.
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