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Fed Chair Seat to Change, Who are the Candidates?

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Fed Chair Seat to Change, Who are the Candidates?

Jakarta, Pintu News – A change of leadership at the Federal Reserve appears to be imminent. US Treasury Secretary, Scott Bessent, has confirmed that the Trump administration is looking for a replacement for Jerome Powell.

Bessent, who is also on the shortlist, has stated that he feels he has the best job in the capital and is not considering replacing Powell.

Check out the full news below!

The Search for Jerome Powell’s Replacement Begins

Scott Bessent, Treasury Secretary under the Trump administration, recently revealed that the government is in the process of looking for a replacement for Jerome Powell as Federal Reserve Chair.

In an interview with Bloomberg, Bessent stated that the search process will take place over the next few weeks to months. Although his name is included in the list of candidates, Bessent emphasized that he is not interested in replacing Powell.

He feels that his current position as Treasury Secretary is the best job he could have in Washington DC. Bessent also added that he is focused on finalizing the tax bill that will be on President Trump’s desk on July 4 and completing trade talks.

Also read: Senator Lummis’ Tax Reform for Bitcoin Strengthening in the US, Here Are the Details!

Pressure for Interest Rate Cut

In the current economic situation, Scott Bessent has voiced his support for a rate cut. He points to declining inflation metrics and the low impact of tariffs as reasons that justify a rate cut.

Bessent emphasized that this is a necessary step to support US economic growth. President Trump has publicly urged the Federal Reserve to cut interest rates by 1%. In fact, the President has sent a handwritten note to Powell to emphasize his request.

Trump argued that the Fed’s decision to hold interest rates steady has cost the US economy billions of dollars and urged Powell to resign.

Read also: Will Staking on Ethereum ETFs Be Approved? SEC Seeks Public Opinion

Top Candidates for Fed Chair Position

Apart from Scott Bessent, several other names have also emerged as top candidates to replace Jerome Powell.

Some of them are Kevin Hasset, Christopher Waller, and Kevin Warsh. The final decision will rest with President Trump, and an official announcement regarding Powell’s replacement is expected as early as October.

Christopher Waller, who currently serves as a Federal Reserve Governor, has stated that an interest rate cut is likely to occur in July. This has further added to speculation in the market about an impending change in monetary policy.

Conclusion

With Jerome Powell’s term ending in May 2026, a change in leadership at the Federal Reserve is likely to bring a breath of fresh air to US monetary policy. Whoever replaces Powell is expected to bring policies that support stable and sustainable economic growth.

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