The Treasury secretary also stated his preference that Powell step down from the Fed entirely when his term ends. “Traditionally, the Fed chair also steps down as a governor."

Treasury Secretary Scott Bessent said Tuesday that a “formal process” to find a successor for Federal Reserve Chair Jerome Powell has already started — as the Trump administration ratchets up pressure for the top central banker to step aside before his term ends.

U.S. Treasury Secretary Scott Bessent, in an interview on Bloomberg Surveillance on Tuesday, said that a "formal process" is already starting to identify a potential successor to Federal Reserve Chairman Jerome Powell.

With the unemployment rate low and inflation above the Fed's 2% target, U.S. central bank officials have been reluctant to cut interest rates from the current 4.25% to 4.5% range until it is clear that Trump's tariff policies won't lead to a fresh surge in prices.

Treasury Secretary Scott Bessent claimed the president is "not looking to fire" Powell, but noted that the search for his replacement is already underway.

Treasury Secretary Scott Bessent, in an interview on Bloomberg Television, said he hasn't looked at the CPI number that's about to be released -- he is entitled to early access --but said not to read too much into one month's number.

Treasury Department Secretary Scott Bessent on Tuesday said the process to pick a new chair of the Federal Reserve has started, ahead of Chair Jerome Powell’s term ending in 2026 and amid growing pressure from the White House for him to step aside early.

Mr Trump has repeatedly urged current US Federal Reserve Chairman Jerome Powell to resign. Read more at straitstimes.com. Read more at straitstimes.com.

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