Bessent Confirms Powell to Complete Fed Term

Scott Bessent, the incoming treasury secretary under President-elect Donald Trump, confirmed that Jerome Powell will serve the remainder of his term as Federal Reserve Chairman, aligning with Trump’s earlier statements.

In a statement to CNBC, Scott Bessent, who is set to become the treasury secretary under President-elect Donald Trump, confirmed that Jerome Powell will continue his role as Federal Reserve Chairman until the end of his current term.

Bessent reiterated that his views are aligned with those of President-elect Trump, reinforcing that there are no plans to replace Powell. This confirmation came following Trump's remarks over the weekend, where he also vouched for Powell's continuation.

This decision stabilizes monetary policy direction amidst ongoing economic challenges and signals continuity in the Federal Reserve's leadership.

(With inputs from agencies.)