Bessent: The formal selection process for Federal Reserve Chairman Powell's successor has begun

U.S. Treasury Secretary Bessent stated that the "formal selection process has been initiated" for Federal Reserve Chairman Powell's successor, and there are currently several excellent candidates. The process will proceed at President Trump's pace. He pointed out that, according to convention, the Federal Reserve Chairman will also step down from the Board of Governors position upon completion of their term. Regarding external discussions about a "shadow Federal Reserve Chairman," Bessent clearly stated that if Powell continues to serve after his term ends, it may cause market confusion. [Bloomberg]