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Donald Trump has ruled out appointing Treasury secretary Scott Bessent to the Federal Reserve, as he narrows the list of candidates to lead the US central bank.
The US president told CNBC on Tuesday that he had asked Bessent on Monday night if he wanted to move to the Fed but the Treasury secretary responded that he wanted to stay in his current role.
“I love Scott, but he wants to stay where he is,” Trump said. “He does not want it. He likes being Treasury secretary. He’s doing a really good job.”
Trump said he was considering four contenders to lead the Fed after Jay Powell’s term as chair ends in May 2026, including Kevin Hassett, the director of the National Economic Council, and Kevin Warsh, a former Fed official.
The discussions within the Trump administration over choosing Powell’s successor have intensified in recent days after Adriana Kugler, a Fed governor appointed by Joe Biden, quit on Friday five months before her term was due to end. This has opened the door for Trump to use the slot as a way to name a replacement for Powell.
Trump said he would soon choose a replacement for Kugler, but said it was possible he would tap the next Fed chair at the same time.
“A lot of people say that, when you do that, why don’t you just pick the person who’s going to head up the Fed? That’s a possibility, too,” Trump said.
Trump has harshly criticised Powell, who he has called a “stubborn mule” for the central bank’s decision to keep interest rates on hold this year.
This is a developing story
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