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.