US president Donald Trump said Tuesday that he has narrowed his potential choices for heading the Federal Reserve to four candidates, but that treasury secretary Scott Bessent is no longer in the running.
Trump did not specify the full list of people he was considering. However, Bessent has been viewed as a possible pick by the president, as Fed chair Jerome Powell鈥檚 term at the helm of the independent central bank ends May 2026.
All eyes are on Trump鈥檚 decision, with the president repeatedly criticizing the Fed鈥檚 determination to hold off interest rate cuts as policymakers gauge the economic effects of tariffs.
Trump has openly called Powell a 鈥榥umbskull鈥� and 鈥榤oron.鈥�
鈥業 love Scott, but he wants to stay where he is,鈥� Trump told CNBC in an interview, referring to Bessent.
鈥業鈥檒l take him off, because I asked him just last night: Is this something you want? 鈥楴ope, I want to say where I am,鈥欌�� Trump added. 鈥楬e actually said, 鈥業 want to work with you.鈥欌��
鈥業 said, 鈥楾hat鈥檚 very nice. I appreciate that,鈥欌�� Trump said.
For now, the early resignation of Fed governor Adriana Kugler, effective Friday, opens a vacancy for Trump to fill.
Kugler鈥檚 replacement will serve out the remainder of her term ending in January.
But Trump also signalled Tuesday that his choice for Fed governor could end up being his pick to replace Powell.
Among the contenders to succeed Powell are former Fed governor Kevin Warsh and National Economic Council director聽Kevin Hassett.
鈥楾he two Kevins are doing well and I have two other people that are doing well,鈥� Trump told CNBC.
鈥業 think that it鈥檒l be one of four people.鈥�
Among others seen as possible choices are Fed governor Christopher Waller, who in the most recent Fed policy meeting voted against keeping interest rates unchanged and instead supported a cut.
