It appears increasingly likely that Federal Reserve Chair Jerome Powell will not remain in his role in the Trump administration, as discussions around a possible successor begin to take shape and political pressure mounts.
“Traditionally, the Fed chair also steps down as a governor,” U.S. Treasury Secretary Scott Bessent told Bloomberg Television on Tuesday morning. “There’s been a lot of talk of a shadow Fed chair causing confusion in advance of his or her nomination.
“And I can tell you, I think it’d be very confusing for the market for a former Fed chair to stay on also.”
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