Trump rules out Scott Bessent as Fed chair

President Trump took Treasury Secretary Scott Bessent off his list of possible candidates to helm the Federal Reserve and joked about selecting “Squawk Box” anchors for roles on the central bank.

The president revealed Tuesday that he has the field narrowed down to four people but declined to divulge names.

However, he made clear that Bessent didn’t want to succeed Fed Chair Jerome Powell, whose term ends in May 2026.

“I love Scott, but he wants to stay where he is,” Trump told CNBC’s “Squawk Box” on Tuesday. “I asked him just last night, ‘Is this something you want?’ [Bessent said], ’Nope, I want to stay where I am. He actually said, ‘I want to work with you.’ It’s such an honor. I said, ‘That’s very nice. I appreciate that.’”

Trump praised the treasure security and his work on trade deals.

“He’s doing a really good job. We made the greatest trade deals in the history of our country. We had to because we were being ripped off by the world,” he said.

For weeks, Bessent’s name had been floated as a possible successor to Powell, and the Treasury Secretary refrained from completely ruling that possibility out publicly.

Trump has long fumed at Powell for his reluctance to slash interest rates, bashing him as “too late” and “highly political.”

Still, the president has cast doubt on the possibility of attempting to fire Powell early.

“In the end, there are numerous people that are qualified. Everyone on your phone right now, in terms of at your beautiful studio would be very qualified in my opinion,” Trump quipped about replacing Powell. “You guys are better than most of the people that do it for a living.”