Trump Rules Out One Name to Replace Jerome Powell

It's been abundantly clear for some time that President Trump would like someone other than Jerome Powell in the Fed chair's, well, chair. But that person will not be Treasury Secretary Scott Bessent, reports Politico, and the decision was mutual. "I love Scott, but he wants to stay where he is," Trump said in a CNBC interview on Tuesday. "He's doing a great job, and he wants to do what he's doing." But with Powell's time as chair set to expire in May, Trump does have a short list, both public and not public:

• The names he's discussing: National Economic Council Director Kevin Hassett and former Fed board member Kevin Warsh. "The two Kevins are doing well," Trump said.
• The names he's not discussing: "I have two other people that are doing well," Trump said. "I think that it'll be one of four people." Politico notes he didn't elaborate as to whether current Fed board member Chris Waller was on that list. Trump had said as early as June that he knows "within three or four people who all I'm going to pick," notes Kiplinger.

Trump also has an unexpected seat in the Federal Reserve to fill.