Trump Admin to Begin Search for New Fed Chair This Fall, Bessent Says

The Trump administration plans to begin working on a replacement for Federal Reserve Chair Jerome Powell this fall, Treasury Secretary Scott Bessent said. In an interview with CNBC that aired on July 3, Bessent confirmed that President Donald Trump is looking at replacing the head of the central bank. “We will start working on that in the fall,” Bessent said. “We’ve been busy. The president’s been doing peace deals, trade deals, tax deals, and we are landing the plane on all of those. So we’re going to have more bandwidth after Labor Day.” Bessent’s direct commentary to a major business news outlet was an extension of the administration’s pressure campaign on the central bank amid ongoing disputes over interest rate policy and inflation....