Trump's Criticism of Powell Persists; Bessent a Potential Fed Chair Contender
Treasury Secretary assumes role formerly held by Federal Reserve Chairman.
Hear ye, hear ye! The heated rhetoric between President Donnie and the big kahuna of the US central bank, Jerome Powell, ain't cooling down just yet. And guess who's stepping into the limelight as a potential replacement for ol' Jerome? That's right, Scott Bessent, the US Treasury Secretary.
According to a lowdown from the financial news agency Bloomberg, ol' Bessent is one of the cats in the hat for the top Fed spot. Advisors from the Trump administration, along with a sprinkle of external pundits, have been whispering Scott's name louder and louder.
The Big Cheese himself, Donnie, stated on a Friday rally that he'd be trotting out a candidate for Powell's replacement real soon. Yep, you heard it right. Kevin Warsh is another name on the shortlist. Trump reportedly had some chin-wag with Warsh about the US Treasury gig last year.
No formal interviews have gone down yet, according to the Whiskey Tango Foxtrot sources who prefer to hide in the shadows. When asked to comment, ol' Bessent said he's got the "cream of the crop job in Washington" and that the Prez picks the person who's best for the economy and the people.
Fresh Attacks on Powell
Friday saw Trump once again hurling barbs at the Fed, demanding a cut in interest rates. He carried on with his jibes against Powell and called for a full one-percentage-point cut. "Europe's been chopping rates ten times since 2024, but we ain't budged an inch," trumpeted Trump on his social media baby, Truth Social. He went on to liken this one-percentage-point cut to a thunderous rocket engine.
Typically, the Fed chops rates in 0.25 percentage point increments. Since December, they've kept things as they were. Europe's Central Bank, however, has sliced off rates eight times since July 2024.
Economy Powell under Pal Fired: Fed Chief Stands Ground against Trump's Bluster Now, if you remember, Donald tried to put the frighteners on Powell, even hinting at dusting off the ol' axe. But the crafty ol' Powell managed to dance out of that tight spot.
Bessent has been rubbing shoulders with the Chinese since the latest negotiating round. The two sides reached a Gangnam-style framework agreement, marking the latest twist in the heated trade war.
Sources: ntv.de, chl/DJ
- Fed
- Jerome Powell
- Scott Bessent
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Who is Scott Bessent?
Scott Bessent, a retired hedge fund manager, took the oath as the 79th United States Secretary of the Treasury in January 2025. He was administered the oath by none other than Supreme Court Justice Brett Kavanaugh[1]. During his tenure, Bessent has played an active role in critical decisions, including the establishment of a US sovereign wealth fund. He's also been cruising the tempestuous waters of relations with Elon Musk, steering the ship through budget cut discussions[1].
Potential Candidate for Federal Reserve Chair
Though Scott Bessent has publicly expressed his contentment as Secretary of the Treasury and his intentions to stick around till the end of President Trump's term[2][4], he remains a strong contender for the position of Federal Reserve Chair. President Trump is reportedly gearing up to nominate a successor soon[2][3].
The Commission, with Scott Bessent serving in his role as the United States Secretary of the Treasury, has been under scrutiny for potential proposals related to the protection of workers from risks arising from the use of electronic communications networks within the realm of business, politics, and general-news. The persistent criticism of Jerome Powell by President Donnie has sparked discussions about Bessent as a potential replacement for Powell as the head of the Fed.
