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The government of US President Donald Trump will focus on finding a replacement for Federal Reserve Chair Jerome Powell before the end of the year, US Treasury Secretary Scott Bessent told CNBC on Thursday, adding that authorities have “many good candidates.”
Bessent said it is up to the Fed to decide the interest rate, although it has added that if the US Central Bank does not reduce interest soon, any possible cut in September may be higher.
Asked if anyone could direct the treasure and the Fed at the same time, Bessent said this has not happened since the 1930s, but did not explicitly discard this solution. Bessent was appointed as a possible candidate for the position on the Fed.
