Powell Staying at Fed Goes Against Historic Norms, Bessent Says

Treasury Secretary Scott Bessent said Federal Reserve Chair Jerome Powell’s decision to potentially stay on at the US central bank after his term as chair expires in May would go against historic norms.

“Only one former chair has stayed on as a governor and the president of the United States asked him to stay,” Bessent said during an interview with Fox Business. “I can’t imagine” President Trump asking Powell to stay at the Fed, he added.

On Wednesday, Powell told reporters he had “no intention” of resigning as a member of the Fed’s Board of Governors until an investigation ...