Treasury Secretary Scott Bessent said he spoke at length with President Donald Trump about picking the next Federal Reserve chair, with four candidates still in contention.
Bessent told CNBC he traveled with Trump to Iowa for a rally and then discussed the nomination during the more than two-hour flight back to Washington.
Decision timeline
Bessent said he was not making a recommendation and framed his role as presenting choices.
Bessent said:
“I don’t make recommendations. I give the president options and outcomes. It’s going to be the president’s decision.”
He added that the timing of an announcement was unclear.
Bessent said:
“Only the president knows.”
Candidates mentioned publicly
Trump has said he expects to announce his pick soon and last week said he was “down to one in my mind,” while also indicating he preferred to keep top economic adviser Kevin Hassett in his current role.
Prediction market Kalshi has put strong odds on BlackRock bond manager Rick Rieder as the favorite to succeed Powell when Powell’s term ends in May.
Other names cited by Trump and aides in recent weeks include Fed Governor Christopher Waller and former Fed Governor Kevin Warsh.
Bessent said Trump was choosing among “four great candidates.”
Fed policy comments
Bessent spoke ahead of the Fed’s rate-setting meeting on Wednesday and urged policymakers to keep an open mind on interest rates.
He said:
“I hope that they will have an open mind and see what’s coming over the next couple months.”
He also said strong growth and wage gains did not necessarily imply higher inflation, pointing to substantial decreases in rents.
