Treasury’s Bessent Opens Hunt for Powell Successor, Dismisses Tariff Inflation

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Updated Jun 30, 2025, 05:29 PM

U.S. Treasury Secretary Scott Bessent said the administration has begun the search for a successor to Federal Reserve Chair Jerome Powell and expects a decision "over the coming weeks and months." He indicated that the vetting process is already under way and suggested an announcement could arrive as early as July.

Bessent added that he is willing to take the top job at the central bank if President Donald Trump requests it, stating, "I will do what the president wants." His remarks place him among the potential candidates to lead the Fed as policymakers weigh continuity against a shift in strategy.

Addressing economic conditions, the secretary said he has "seen no inflation" stemming from the 145% tariff on Chinese imports that took effect on 9 April. While acknowledging the possibility of a one-time price adjustment, Bessent maintained that the duties have not produced sustained price pressures.

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