Scott Bessent Says Trump Likely to Name a New Fed Chair Before Christmas [WATCH]

Treasury Secretary Scott Bessent said Tuesday that there is “a very good chance” President Donald Trump will announce a new nominee to lead the Federal Reserve by Christmas, as reported by the New York Post.

Bessent, who has been overseeing the search process for a replacement, told CNBC that he has one remaining interview and is not prepared to predict who will succeed current Fed Chair Jerome Powell.

Trump has repeatedly expressed interest in replacing Powell, whose term ends in May 2026, and has criticized him in recent months over interest rate decisions.

According to Bloomberg, White House National Economic Council Director Kevin Hassett is viewed by Trump advisers and allies as the frontrunner.

“I think there’s a very good chance that the president will make an announcement before Christmas,” Bessent said.

“But it’s [Trump’s] prerogative, whether it’s before the Christmas holidays or in the new year. But I think things are moving along very well.”

Reported finalists include Hassett, former Federal Reserve Governor Kevin Warsh, current Fed Governors Christopher Waller and Michelle Bowman, and Rick Rieder, chief investment officer of global fixed income at BlackRock.

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Trump has criticized Powell for months, arguing that the chairman has not lowered interest rates quickly enough.

During remarks at the U.S.–Saudi Investment Forum in Washington, D.C., last week, Trump said Powell has “mental problems” and that he would like to “fire his ass,” though he said Bessent has discouraged the move.

Trump then pointed to Bessent in the audience and said, “Work on this guy. The rates are too high, Scott. And if you don’t get it fixed fast, I’m going to fire your ass, okay?”

TUNE IN: Trump tells Scott Bessent he’ll “fire [his] ass” if he doesn’t bring Jerome Powell under control.

“I wanna get him out, Scott! ‘Please.’”pic.twitter.com/zEE9Mw5x6Q

— Resist the Mainstream (@ResisttheMS) November 19, 2025

Bessent told CNBC, “If you were in the room, he was joking,” and said monetary policy has become more complex. “We’ve gotten to this point where monetary policy has gotten very complicated, and it’s more than just cutting rates.”

Treasury Sec Bessent claims Trump was just kidding when he said he was going to fire his ‘ass’

Yeah, when has Trump ever been known for saying ‘you’re fired?’ pic.twitter.com/ufd0fCbGVL

— RT (@RT_com) November 25, 2025

Hassett has said publicly that he supports lowering interest rates. In a Fox News interview on Nov. 20, he said he would “be cutting rates right now” if he were the Fed chairman because “the data suggests that we should.”

He has also criticized central bankers for losing control of inflation.

Federal Reserve officials remain divided on whether to cut rates further after two quarter-point cuts at the September and October meetings, bringing the range to 3.75% to 4%.

Markets rallied Friday after New York Fed President John Williams said there is room for “further adjustment in the near term.” CME FedWatch data shows traders are pricing in an 83% chance of a quarter-point cut at the Dec. 10 meeting.

But Dallas Fed President Lorie Logan said rates should be held “for a time,” and Boston Fed President Susan Collins said she was “hesitant” about the next move and that “restrictive policy is very appropriate right now.”

Philadelphia Fed President Anna Paulson said she is approaching the meeting “cautiously.” Fed Governor Stephen Miran has said he would vote for a quarter-point cut if it were needed to reach lower rates.

Bessent said Tuesday that he wants the next Federal Reserve chair to shift the institution’s role. “I think we’ve got to kind of simplify things,” he said.

“I think it’s time for the Fed just to move back into the background, like, it used to do, calm things down and work for the American people.”

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