"Treasury Secretary Scott Bessent, who has been leading the search, said that Trump could name his nominee to replace Fed Chair Jerome Powell by Christmas. "I think there's a very good chance that the president will make an announcement before Christmas," Bessent told CNBC in late November. "But it's his prerogative, whether it's before the Christmas holidays or in the new year. But I think things are moving along very well.""
"No matter who Trump selects, Bessent said he wants a less prominent central bank. "I think it's time for the Fed just to move back into the background, like, it used to do, calm things down and work for the American people," Bessent said. Powell's term expires next May, but hasn't stopped the White House from aggressively searching for his replacement."
President Donald Trump has narrowed a list of five finalists to replace Jerome Powell as Federal Reserve chair, with a potential nomination expected before Christmas. Treasury Secretary Scott Bessent, who led the search, said the president may announce a choice by the holidays but retains discretion to wait. Bessent expressed a desire for the Fed to be less prominent and to return to a background role focused on calming markets and serving Americans. Prediction markets shifted in late November, naming Fed Governor Christopher Waller the new favorite over previously leading candidate Kevin Hassett. Kevin Hassett's background and controversies were highlighted.
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