Overview

• President Trump said Treasury Secretary Scott Bessent told him he wants to remain at Treasury and removed himself from contention for Fed chair.
• Trump has identified four finalists to replace Jerome Powell, among them former Fed Governor Kevin Warsh and National Economic Council Director Kevin Hassett.
• Fed Governor Adriana Kugler’s surprise resignation effective August 8 opens a board vacancy that Trump plans to fill in the next few days.
• The chosen nominee for Kugler’s seat could also be elevated to Fed chair when Powell’s term ends in May 2026.
• The administration’s efforts underscore growing political pressure on the Fed as Trump pushes for lower interest rates.