Treasury Secretary Scott Bessent told Bloomberg on Tuesday a “formal process” has been launched to find Federal Reserve Chair Jerome Powell’s successor, following months of pressure from President Donald Trump to have Powell step down from his role at the agency.

By Howard Schneider WASHINGTON (Reuters) -Federal Reserve Chair Jerome Powell has asked the U.S. central bank's inspector general to review the costs involved in the renovation of its historic headquarters in Washington,

The most recent criticisms against Fed chair Jerome Powell come after President Donald Trump continues to demand lower interest rates.

Analysts at Deutsche Bank consider the president's removal of Fed chief Jerome Powell "one of the largest under-priced event risks over the coming months."

Potential removal of Fed Chair Jerome Powell could disrupt markets, spike inflation expectations, and impact the USD and bonds.

President Donald Trump has signaled he’s already looking to replace Federal Reserve Chair Jerome Powell far earlier than usual. Here’s how a so-called ‘shadow’ Fed would work, and why it could cause problems for markets.

The White House has been trumpeting the absence of tariff-related price hikes as a sign that the president’s agenda is succeeding.

Powell has been repeatedly criticized by the president over the U.S. central bank’s resistance to cut interest rates despite Trump’s demands to do so. In an interview with ABC’s “This Week,” Hassett was asked if the president has the authority to order Powell’s removal.