The president has been angry with Powell over the U.S. central bank's hesitance to succumb to his demand for lowering interest rates.

As President Donald Trump and his advisers begin weighing replacements for Federal Reserve Chair Jerome Powell, they’re running into one significant complication: It’s not clear that Powell will leave the US central bank next year.

If they want to make a mistake here and not cut, that’s fine,” Bessent told CNBC, insisting that tariffs imposed by Trump since taking office in January had not fueled inflation