The race to replace Jerome Powell hasn't truly kicked off yet but there is some positioning in the background. Treasury Secretary Scott Bessent has emerged as a candidate, according to Bloomberg.
Powell's term doesn't end until May 2026 and he was nominated (by Trump) on November 2, 2017 so the timeline is still long.
The report says that 'a growing chorus' is enrcouring Trump to pick Bessent and there is 'a small list' of candidates under consideration. The favorite has been Kevin Warsh, who is noted as a candidate.
Other candidates whose names have previously been floated for Fed chair include Kevin Hassett, the White House’s National Economic Council director, Christopher Waller, a Fed governor, and former World Bank President David Malpass.Ultimately, I think the Fed chair's abilities as a communicator are more important than his political leanings.
I would argue that Treasury Secretary is a much more important role in this administration, though that could certainly change after the budget bill and the midterms, when some kind of bi-partisan deal-maker may do a better job. This could also be Bessent angling for an exit.
It would be funny if he had to argue that -- indeed -- tariffs are inflationary.
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