US Treasury secretary Scott Bessent grilled contenders to lead the Federal Reserve about their stance on interest rates and the unwinding of crisis-era stimulus, as Donald Trump’s administration seeks to replace chair Jay Powell.
Weeks of meetings with a longlist of 11 candidates concluded on Tuesday, according to several people involved in the process. Candidates said they were grilled for up to two hours by Bessent, Treasury official Hunter McMaster and adviser Francis Browne.
Some of those interviewed said Bessent asked their opinion on issues he raised in a recent article that called for sweeping reforms of the central bank and criticised its quantitative easing programmes as a “gain-of-function monetary policy experiment”.
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