Trump Says Bessent Option for Fed Chair but Not Top Pick

President Donald Trump acknowledged Treasury Secretary Scott Bessent as a potential candidate to replace Federal Reserve Chair Jerome Powell but indicated Bessent was not his top choice because he valued Bessent's performance in his current role. Trump sharply criticized Powell over costly renovations at the Federal Reserve headquarters, calling the expenses "pretty disgraceful" and suggesting they might be grounds for dismissal. Powell has denied reports about the renovation costs and requested an inspector general review. Bessent himself has advocated for Powell to step down from the Fed entirely when his chair term ends in 2026, warning that Powell lingering could confuse markets. Trump continues to pressure Powell to lower interest rates, which the Fed has held steady amid inflation concerns. Other potential successors include former Fed Governor Kevin Warsh and Trump's top economic adviser Kevin Hassett, but Trump has not indicated a clear front-runner.