Treasury Secretary Scott Bessent Emerges As Top Contender To Succeed Powell As Fed Chair: Report

2025-06-11 12:01:33

(MENAFN- AsiaNet News)

Treasury Secretary Scott Bessent is reportedly emerging as a top contender who could succeed Jerome Powell as the Federal Reserve Chair, after President Donald Trump said on Friday that he would nominate a successor“very soon.”

According to a Bloomberg report, Bessent's name has received support from advisors within and outside the Trump administration to lead the Federal Reserve.

Another contender is Kevin Warsh, a former Fed official whom President Trump interviewed for the Treasury Secretary position.

Bessent, who has been leading tariff negotiations, sought to downplay the report.

“I have the best job in Washington,” he said.“The president will decide who's best for the economy and the American people.”

Key among Bessent's tariff negotiations is the one ongoing with China – a U.S.-China trade deal would be key for the Trump administration's efforts to reshape the country's trade policies.

However, President Trump's team has announced only one trade deal so far, with a close ally, the U.K.

Powell's term as Fed Chair ends in May 2026. He has been the Treasury chief since 2017, after being nominated by President Trump during his previous term.

Despite Powell being his pick, Trump has repeatedly called out the Fed Chair during his current term for not lowering interest rates.

Last week, the U.S. President pushed the Fed to go full throttle on rate cuts, after a jobs report showed non-farm payroll employment numbers were better than expected.

'“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!,' the U.S. President wrote on his Truth Social account on Friday.

Meanwhile, markets seemed optimistic about the ongoing U.S.-China trade talks. The SPDR S & P 500 ETF (SPY), which tracks the S & P 500 index, was up 0.22%.

For updates and corrections, email newsroom[at]stocktwits[dot]com.

MENAFN11062025007385015968ID1109658907

Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.