Overview
- Bessent said he is not in the running to lead the Federal Reserve.
- The candidate pool has been reduced from 11 to five, with White House interviews preceding the president’s meetings.
- Trump is expected to announce his nominee by Dec. 25, according to Bessent’s Fox News interview.
- Trump criticized Jerome Powell, calling him a “clown” over the Federal Reserve’s costly headquarters renovation at a Washington business forum.
- Powell’s term ends in May 2026, the policy rate is 3.75%–4% after cuts in September and October, and advisers have warned that removing him abruptly could weaken confidence in the Fed’s independence.