Donald Trump's 'formal process' to replace Fed boss Jerome Powell already underway
'There's a formal process that's already started,' said Bessent. 'There are a lot of good candidates inside and outside the Federal Reserve. It's President Trump's decision and it will move at his speed.'
Although Powell was appointed during Trump's first term, the President has been heavily critical of the Fed chairman since his re-election.
Trump has accused Powell of being too slow to cut interest rates and this week described him as a 'knucklehead'. He added: 'We have a bad Fed chairman, really bad.'
He said he wanted to appoint someone 'who is going to be able to lower the rates'. Trump's demands for the Fed to slash interest rates has brought the central bank's independence into question.
Powell's term as chairman does not end until May next year, and he is due to remain on the central bank's board until January 2028. But Bessent suggested he should leave when his term is up.
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