Treasury Secretary Scott Bessent off list for next Fed chair, Trump says

What they're saying: Trump, in a CNBC interview on Tuesday morning, said Bessent told him Monday night he didn't want to be Fed chair and wanted to remain at Treasury.

• "I asked him just last night, 'Is this something you want?'" Trump said. "He does not want it — he likes being Treasury secretary."

Catch up quick: Trump has explicitly said he wants to replace Powell with a central bank chief who will cut interest rates. Who that official will be, however, has become one of the major preoccupations of Trump's term so far.

• Trump will get a shot to shape the Fed earlier than previously thought. Fed governor Adriana Kugler stepped down last week, resigning several months before the official end of her term.

The intrigue: Trump said he would soon nominate someone to serve in the post until January 2026, when Kugler's term officially expires — though he also suggested he could use that seat to appoint the next Fed chair.

• "A lot of people say ... 'Why don't you just pick the person who's going to head up the Fed?' That's a possibility, too," Trump told CNBC.
• Asked who the next chair might be, Trump said he had four people in mind, including "the two Kevins": National Economic Council director Kevin Hassett and former Fed governor Kevin Warsh.

Editor's note: This story has been updated with more details.