Scot Bensten will not run for President of the Fed, will remain secretary of the Ministry of Finance

President Donald Trump on Tuesday Finance Minister Scott Besten said It will not run for the next chairman of the Federal Reserve to become.

“He wants to stay where he is. I’ll take him down – because I only asked him last night: ‘Do you want that? ” – No. He actually said,” I want to work with you, “Trump said during an interview with CNBC on Tuesday morning. “He likes to be the secretary of the Ministry of Finance. He does a really good job. We did the biggest trade deals in our country’s history. We had to break it from the world.”

Previously, Bestent downplayed rumors that next spring could be chosen to replace the current Fed Jerome Powell chair by telling Fox Business’ Maria Barteromo last month, he was pleased with his current work in the administration.

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However, he confirmed that the administration has launched an “official process” to select the heir of Powell, with the term of office of the President of the Fed will end in May 2026 against the background of the increasing tension between Trump and Powell.

When asked about the timeline of announcing a new Fed chair, Beshen said it was “President Donald TrumpA solution and it will move at its speed. “

Powell claims that “he will never leave this job voluntarily this job.” However, the tension between Powell, originally appointed by Trump in 2017, and the president continues to increase, with the Central Bank interest rates decisions demonstrating a certain point of friction. Trump wants to reduce interest rates, but Fed has not done so since 2024.

Last month, Trump told reporters in the White House that Powell was doing “disgusting work”.

The Federal Reserve has a basic interest rate stable for a fifth straight meeting, despite Trump’s pressure

After the Central Bank left interest rates last week, Trump hit Powell, calling him “too stupid and too political to have the job of the Fed President” of the Truth Social.

This marks the fifth consecutive meeting of the Fed, holding stable interest rates, citing uncertainty about the impact of tariffs on inflation and consumer prices, as well as the conditions of the labor market.

Powell He said at the press conference after the announcement that while inflation remains over 2% longer-term target of the Fed, the labor market is approximately full employment, leaving the central bank in a good position to reduce the rates if the economic conditions deteriorate.

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He also noted that tariffs seem to increase consumer prices and push inflation data higher, although it is not clear what the long-term impact on the economy will be.

Prior to the meeting, Trump announced a 3% growth in the economy in the second quarter, writing to Truth Social that it was “much better than expected!” He added that “” too late “should reduce the percentage. Without inflation! Let people buy and refinance their homes!”

FOX’s Eric Revell contributed to this report.