Bessent Battles Trump Demands, Market Jitters in Fed Chair Hunt

Scott Bessent is studiously trying to avoid the fate of the last Treasury secretary who picked a Fed chair for President Donald Trump and now finds himself banished from the inner circle.

To escape Steven Mnuchin’s fate, Bessent — who begins interviewing candidates for the role this month — must balance Trump’s demands for a rate-cutting crusader against the need for the Fed chair to have the confidence and trust of financial markets.

US Treasury Secretary Scott Bessent

Photographer: Eric Lee/Bloomberg

Bessent has intentionally taken a more hands-off approach, compiling a list of nearly a dozen candidates, but is not expected to push any one candidate, ...