Powell: Don't think "shadow Fed chair" needs to be discussed

Mr. Bescent, Mr. Trump's nominee to be Treasury secretary, has suggested in Barron's that Mr. Trump publicly name a successor to Fed chairperson Jerome Powell as soon as he takes office, effectively creating a "shadow Fed chairperson", which Mr. Powell has objected to. "I don't think that's on the table at all," Mr. Powell said on Wednesday. "There's a whole range of institutional relationships between the Fed and every administration. I totally think we can keep the same relationship." Mr. Powell's term ends in early 2026.