Overview

• President Trump publicly signaled Treasury Secretary Scott Bessent as his favored successor by telling him “I like you better” during a Cabinet meeting.
• A reported shortlist for the next Fed chair also includes Kevin Hassett, Kevin Warsh, Christopher Waller and Michelle Bowman.
• Experts warn that Trump’s open push for dovish leadership risks undermining the Fed’s independence and market confidence.
• Federal law mandates that any new chair be a sitting Board of Governors member and that Powell’s board term runs until 2028, constraining replacement options.
• White House spokesman Kush Desai said the president will nominate candidates who align Fed policy with his pro-growth agenda.