The White House has denied that Treasury Secretary Scott Bessent is a contender to replace Fed Chair Jerome Powell, characterizing the claim as “completely fake news,” per CNBC Washington correspondent Megan Cassella. Bloomberg reported on Tuesday that Bessent, along with former Fed official Kevin Warsh, is a top contender for the job.
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“I have the best job in Washington,” said Bessent in response to the report. “The president will decide who’s best for the economy and the American people.”
Trump Pressures ‘Too Late Powell’ to Lower Rates
President Trump has continuously expressed his dissatisfaction with Powell, whose term ends in May 2026. Trump has often referred to him as “Too Late Powell,” a dig at his decision to delay cutting the federal funds rate in order to combat the potential of higher inflation later this year.
“‘Too Late’ at the Fed is a disaster! Europe has had 10 rate cuts, we have had none. Despite him, our Country is doing great. Go for a full point, Rocket Fuel!,” said Trump on Truth Social last week. A rate cut could stimulate the economy by lowering the cost to borrow for both individuals and corporations, driving consumer spending and corporate growth.
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