Trump’s announcement seems to finally end mounting rumors that Bessent might slide into the Fed’s top job. Bessent, who made his name as a hedge-fund chief before joining the Treasury, has become one of the most visible defenders of Trump’s economic and trade policies—earning a reputation for vocal support and public criticism of the Fed’s reluctance to cut interest rates in line with Trump’s repeated demands.
As the vetting process accelerates, Trump’s rhetoric signals his intent to pivot toward a Fed chair who closely aligns with his priorities: lower interest rates, responsiveness to White House goals, and a more circumspect approach to the Fed’s non-monetary functions.
For now, the vacancy remains a matter of speculation, but Bessent’s self-removal from contention lends some additional shape to the race. In his own words, Bessent says he will “go where the president thinks that I am best suited,” yet maintains his preference for the Treasury role. Trump is expected to announce his final selection for Powell’s replacement soon, ushering in a new phase for the nation’s monetary policy.
