Treasury Secretary Scott Bessent off list for next Fed chair, Trump says

Treasury Secretary Scott Bessent will not be the next Federal Reserve chair, President Trump said Tuesday.Why it matters: There had been heavy speculation that Bessent was a leading candidate to succeed Fed chair Jerome Powell next May when his term as chair ends. What they're saying: Trump, in a CNBC interview on Tuesday morning, said Bessent told him Monday night he didn't want to be Fed chair and wanted to remain at Treasury.Catch up quick: Ousting Powell, and bringing in a central bank chief who will cut interest rates, has become one of the major preoccupations of Trump's term so far. Editor's note: This is a breaking news story and will be updated.

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