Treasury Secretary Bessent: Pres. Trump could decide on next Fed chair 'as soon as next week'

Summary

Treasury Secretary Scott Bessent joined Squawk Box to discuss the search for the next Fed chair, saying President Trump could decide as soon as next week. He criticized Jay Powell for planning to attend the Supreme Court hearing involving Lisa Cook, argued the Fed needs more accountability, and pointed to $100 billion in annual Fed losses from mistimed asset purchases. Bessent also said the US is in a nascent productivity boom and predicted inflation will drop substantially this year.

• Bessent expects Trump may choose the next Fed chair as soon as next week from four finalists.
• He says Powell attending the Supreme Court hearing on Lisa Cook politicizes the Fed.
• He criticizes Fed governance under Powell, citing ethical resignations and lack of accountability.
• He notes the Fed is losing about $100 billion a year from mistimed asset purchases.
• He sees the US in a 1990s-like productivity boom and urges letting the economy run hot.
• He predicts inflation will drop substantially this year.
• The excerpt contains no explicit security-specific trade recommendations.