Trump floats Treasury secretary Scott Bessent as new Fed chair

Donald Trump said he is “considering” Scott Bessent as the next chair of the Federal Reserve, despite Bessent having previously ruled himself out of the running and being the one leading the search for Jay Powell’s successor.

During a trip to Japan on Tuesday, Trump told business leaders in Tokyo that Bessent—currently serving as Treasury secretary—was skilled at calming financial markets during the first year of Trump’s second term.

“I’m thinking about him for the Fed,” Trump said, before adding that Bessent wouldn’t accept the position because “he likes being at Treasury.” Moments later, Trump seemed to contradict himself, saying: “We’re not thinking about him really.”

The effort to choose a replacement for Powell, whose term ends in May 2026, has been dragging on for weeks. The shortlist now includes two current Fed governors, Christopher Waller and Michelle Bowman; Trump economic adviser Kevin Hassett; BlackRock strategist Rick Rieder; and former Fed governor Kevin Warsh. Trump is expected to make a final decision between late November and late December.

Still, Bessent’s name keeps resurfacing.

Trump praised the Treasury secretary for doing a “terrific” job and for being able to “clean it all up” when markets reacted to Trump’s unconventional policies.

“How good is he on television? He soothes the markets — I don’t soothe the markets, I sometimes disturb the markets,” Trump said.

Trump’s calls for steep rate cuts and his public criticism of senior Fed officials have fueled investor concerns that he is trying to exert political influence over the Federal Reserve.