In the interview, Bessent again noted that Trump has said he is not going to fire Powell. The president reportedly openly mulled the idea of firing the Fed chair in a meeting with lawmakers last week, but afterwards told reporters such a move was unlikely, although he didn’t completely rule it out.

U.S. Treasury Secretary Scott Bessent said on Wednesday that the Trump administration was not in a rush to nominate a new Federal Reserve Chair to replace Jerome Powell.

Treasury Secretary Scott Bessent said that there’s “no rush” to identify a successor to Federal Reserve Chair Jerome Powell, and that a nominee could potentially come from current board members or the heads of the district banks.