Trump’s Fed choice intensifies pressure on Treasury Secretary Bessent
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On December 3, in an August post on Truth Social, President Donald Trump sharply criticized his former Treasury secretary, Steven Mnuchin, accusing him of steering the White House toward a problematic decision in 2017, recommending Jerome Powell as Federal Reserve chair. Trump, who had long complained that Powell was too slow to cut rates, fumed: “Steve ‘Manouychin’ really gave me a ‘beauty’ when he pushed this loser. The damage he has done by always being Too Late is incalculable.” The attack on one of his most loyal former Cabinet officials came at a pivotal moment. Trump’s current Treasury secretary, Scott Bessent, is now leading the search for Powell’s successor, with the Fed chair’s term expiring next year and the president openly demanding rapid interest-rate cuts. The stakes surrounding the selection could not be higher. Trump has made clear that his next Fed chair must move swiftly to lower borrowing costs—an expectation that plac...