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Highlights
- A group of advisers are reportedly pushing for Scott Bessent to replace Jerome Powell.
- Kevin Warsh is also still in the running to replace Powell.
- Donald Trump has already stated that he would announce the next Fed Chair soon.
Scott Bessent is reportedly among the contenders for the Fed Chair role. This comes amid US President Donald Trump’s statement that he would announce his decision on Jerome Powell’s replacement very soon.
Scott Bessent Could Succeed Jerome Powell
According to a Bloomberg report, a group of advisers inside and outside the Trump administration is pushing for the US Treasury to serve as the next Federal Reserve Chair. This comes as Trump stated that he would announce a successor very soon.
As CoinGape reported, Kevin Warsh is currently the favorite to replace Powell, although Scott Bessent’s inclusion could shake things up. Bloomberg noted that Warsh remains among the small list of candidates under consideration.
The US president had already reportedly interviewed Warsh for the US Treasury Secretary Role in November last year, although Trump eventually appointed Bessent. Meanwhile, formal interviews for the Fed Chair role have allegedly not begun. It is worth mentioning that Trump had stated that Warsh is very highly thought of when asked if the former Fed Governor could replace Powell.
The White House had described the Bloomberg report as false, indicating that there are no plans for Bessent to replace Powell.
Powell’s Tenure ends in May 2026, and it remains unlikely that Trump will sack him before then. However, the president remains critical of the Fed Chair and has continued to push for a Fed rate cut. He recently urged the Fed to cut rates by 100 Bps.
Besides Scott Bessent and Kevin Warsh, Judy Shelton has also emerged as another candidate who could replace Powell, according to Polymarket data. Traders bet there is a 19% chance that Shelton could be the next Chair if Trump makes an announcement this year. However, there is still a 52% chance that Trump doesn’t announce the next Fed Chair before December 31.
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