Scott Bessent confirms moves to replace Jerome Powell

 are under way: ‘There’s a formal process that’s already starting’

Treasury Secretary Scott Bessent told Bloomberg on Tuesday. “There’s a formal process that’s already starting,” he said when asked about efforts to find Jerome Powell’s replacement as Federal Reserve chair. Powell’s term expires in 2026. In the first public acknowledgement of the much-rumored news about a transition at the Fed, Bessent added, “There are a lot of good candidates inside and outside the Federal Reserve.”