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According to the latest reports, U.S. Treasury Secretary Basant has expressed a series of views on issues related to the Fed. She stated that there is no rush to make a decision on the nomination of the Fed Chair, while pointing out that there is a certain deviation in the Fed's analysis of tariffs.
Besant admitted that she did not understand the specific considerations the Fed takes into account when making interest rate decisions. She suggested that a committee might be established to review the Fed's work and praised the Bank of England for its self-examination of past monetary policy.
The Treasury Secretary emphasized that a setback to the Fed's mission could jeopardize its independence in monetary policy. She reiterated that Trump would not remove Powell from his position, but expressed surprise at economist El-Erian's suggestion that Powell should resign. Bessent revealed that she is still in regular talks with Powell.
Regarding the candidates for the Fed chair, Bessent stated that she is unwilling to disclose specific names of candidates, but believes there are strong competitors among regional banks. She pointed out that Powell has not yet indicated that he will leave his position on the board.
Bessent also discussed other related topics. She believes that financial regulation may have become too strict since the global financial crisis. Regarding Trump's policies, she stated that the president always has a plan, although it is not always visibly apparent. She also mentioned that Trump created the largest negotiating leverage on tariffs, while the market reacted relatively calmly.
Finally, Beisent mentioned that the work of selecting a successor to Councilor Kugler is currently underway. These remarks reflect the U.S. Treasury's concerns about the Fed's policies and personnel, as well as a series of changes that may be forthcoming.