U.S. Treasury Secretary Scott Bessent, in an interview on Bloomberg Surveillance on Tuesday, said that a "formal process" is already starting to identify a potential successor to Federal Reserve Chairman Jerome Powell.

Treasury Secretary Scott Bessent said about finding a successor to Fed Chair Jerome Powell, whose term ends in May 2026: “There’s a formal process that’s already starting. There are a lot of great

The Treasury secretary also stated his preference that Powell step down from the Fed entirely when his term ends. “Traditionally, the Fed chair also steps down as a governor."