U.S. Treasury Secretary Scott Bessent speaks to the press, on the day of U.S.-China talks on commerce, financial and nationwide safety points, in Madrid, Spain, September 15, 2025.
Violeta Santos Moura | Reuters
Treasury Secretary Scott Bessent stated Tuesday he expects President Donald Trump to decide on the brand new Federal Reserve chair by the vacation season.
In a CNBC interview, Bessent, who has been heading the seek for a successor to present Chair Jerome Powell, stated he nonetheless has one interview to go and was not prepared to take a position on who may get the job.
“I believe there’s an excellent likelihood that the president will make an announcement earlier than Christmas,” he stated. “But it surely’s his prerogative, whether or not It is the earlier than the Christmas holidays or within the new yr. However I believe issues are transferring alongside very effectively.”
Trump has been a fierce Fed critic and not too long ago stated he’d “love” to fireplace Powell and inspired Bessent to “work on” the chair to get the central financial institution to decrease its key rate of interest.
Referring to Bessent, Trump even joked that “if you do not get it mounted quick, I am gonna fireplace your ass.”
“When you have been within the should you have been within the room, he was joking,” Bessent stated. “We have gotten so far the place financial coverage has gotten very sophisticated, and it is extra than simply chopping charges.”
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