U.S. Treasury Secretary Scott Bessent has confirmed that a process to find a successor to Federal Reserve Chair Jerome Powell has begun. This comes amid political pressures and ongoing debates regarding U.S. monetary policy, alongside speculation in financial markets about Powell’s future.
Jerome Powell Successor Process Initiated
In an interview on Bloomberg Television, U.S. Treasury Secretary Scott Bessent has stated that the process to identify Powell’s successor is officially underway. “There are a lot of great candidates, and we’ll see how rapidly it progresses,” Bessent remarked.
Jerome Powell’s term as Federal Reserve Chair is set to end in May 2026, and discussions about his future in the role have intensified.
The announcement follows a series of political pressures, including calls from President Donald Trump for Powell to step down. Trump has criticized Powell for not cutting interest rates more aggressively, believing that it has harmed the U.S. economy.
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Kelvin Munene Murithi
Kelvin Munene is a crypto and finance journalist with over 5 years of experience, offering in-depth market analysis and expert commentary .
With a Bachelor’s degree in Journalism and Actuarial Science from Mount Kenya University, Kelvin is known for his meticulous research and strong writing skills, particularly in cryptocurrency, blockchain, and financial markets.
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