“Bessent is trying to show Trump there is a path to get what he wants without unnecessary market turmoil,” said Stephen Myrow, managing partner at Beacon Policy Advisors. That path would involve allowing Powell to finish out his term as chair and stepping down from the Federal Reserve board once his chairmanship is up.

Treasury Secretary Scott Bessent offered support for Jerome Powell amid regular attacks from Trump administration officials, saying he sees no reason for the Federal Reserve chair to step down.

Treasury Secretary Scott Bessent said Wednesday on Fox News’ “The Ingraham Angle” that the Trump administration will announce a potential new Federal Reserve chairman nominee in either December or January.