Fed Chair Jerome Powell 'May Move On', Bessent Says

During an interview with Fox News Channel's Sunday Morning Futures with Maria Bartiromo, Treasury Secretary Scott Pescent said that he expects Federal Reserve Chair Jerome Powell to depart the Fed Board of Governors in the near future. Pescent also expressed optimism about the expected confirmation of Kevin Warsh as the new chairman of the Federal Reserve. He added that it's unusual if Powell chooses to remain on as a governor. It's Chair Powell's decision to stay as a governor if he wants. I think it violates all norms. You know, they would say that one other governor did stay. That was at the request of the president. The president has not requested that Chair Powell stay. I am optimistic that after a period, he may move on. Powell's term as Fed Chair will expire in May, but he said that he will stay on the Fed Board of Governors, citing the ongoing Inspector General investigation or any potential Justice Department probe. I've said that I will not leave the board until this investigation is well and truly over with transparency and finality, and I stand by that. I'm encouraged by recent developments and I'm watching the remaining steps in this process carefully. My decisions on these matters will continue to be guided entirely by what I believe is in the best interest of the institution and the people we serve. After my term as Chair ends on May 15, I will continue to serve as a governor for a period of time to be determined. I plan to keep a low profile as a governor.