US Treasury Secretary Bessent says it is highly unusual for Powell to stay on the Fed board, calling it an insult and violation of norms; adds Warsh will be Fed Chair on time

Newsquawk StaffFederal Reserve newsPublished 29 Apr 2026, 21:10 UTC

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US Treasury Secretary Bessent says it is highly unusual for Powell to stay on the Fed board, calling it an insult and violation of norms; adds Warsh will be Fed Chair on time

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Context

The remarks from Treasury Secretary Bessent regarding Powell's continued presence on the Fed board could signal a shift in administration sentiment toward the Fed's leadership. This commentary might impact market expectations for future Fed policy and heighten volatility in interest rates and the USD as it reflects potential tensions between the Treasury and the Fed. Moreover, the confirmation that Warsh will take over as Fed Chair on schedule suggests a clear upcoming change that traders should watch closely.

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