MNI BRIEF: Bessent Suggests Fed Chair Nomination In Fall

Treasury Secretary Scott Bessent on Friday said one potential timeline for the announcement of a new Fed chair could come in October or November, playing down speculation that President Donald Trump may consider an earlier move to nominate a successor to Federal Reserve Chair Jerome Powell. 

"There is a chance that the person who is going to become the chair could be appointed in January, which would probably mean an October, November nomination," Bessent told CNBC in an interview. Asked about his own potential candidacy to become Fed chair, Bessent said: “Look, I’ll do what the president wants, but I think I have the best job in Washington.”

Bessent noted that Powell may stay on as a Fed governor, after his term as chair ends. “So, Chair Powell doesn’t have to leave — he could stay on the board, not as chair,” he said.