Bessent on Fed Chairmanship: ’I’ll Do What the President Wants’

On June 27th, U.S. Treasury Secretary Scott Bessent addressed speculation about his potential future role as Federal Reserve chair. In a recent interview with CNBC, Bessent stated that he would follow President Donald Trump's directives, responding to media reports suggesting he is being considered as a possible replacement for the position next year. This development comes amid ongoing discussions about leadership changes at the Federal Reserve, a key institution in shaping U.S. monetary policy. While no official announcement has been made, Bessent's comments have sparked interest in how his potential appointment could influence the Fed's direction, particularly under the Trump administration's economic priorities. Reactions to the news have been mixed, with some analysts suggesting that Bessent's alignment with the president could lead to a more coordinated fiscal and monetary policy approach. Others, however, have raised concerns about the importance of maintaining the Federal Reserve's independence, a cornerstone of its credibility in managing inflation and economic stability. This is The Daily News Now. I'm Corey Cambridge reminding you to stay focused on the facts—because staying informed is easy when you're comfortable. Relax and listen with Sōli Pillow.