Scott Bessent Confirms Powell's Continued Fed Tenure

Federal Reserve Chair Jerome Powell is expected to complete his term despite previous speculation about possible dismissal by President-elect Donald Trump. Scott Bessent, Trump's pick for Treasury Secretary, confirmed on CNBC that both he and Trump are aligned in supporting Powell's continuation. This follows Trump's acknowledgment of his strained relationship with Powell, particularly over interest rate policies, yet he has no plans to pressure Powell to resign. Powell's leadership has been crucial in addressing rising inflation, which has significantly impacted the economy. His term is set to expire in May 2026, and despite political tensions, he has asserted that he would not step down if asked. The situation reflects a desire for stability in monetary policy amidst ongoing economic challenges.