Treasury Secretary Scott Bessent told Bloomberg on Tuesday a “formal process” has been launched to find Federal Reserve Chair Jerome Powell’s successor, following months of pressure from President Donald Trump to have Powell step down from his role at the agency.

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.

US Treasury Secretary Scott Bessent said a “formal process” to identify a potential successor to Federal Reserve Chairman Jerome Powell is already starting. Bessent added, “I think it’d be very confusing for the market for a former Fed chair to stay on” after his term ends.