Treasury Secretary Scott Bessent says ‘formal process' to find Jerome Powell's successor has started
1. A process to find Powell's successor is underway, impacting market confidence. 2. Trump criticizes Powell for not lowering interest rates, stating rates should be below 1%. 3. The White House is not actively seeking to fire Powell, easing market fears. 4. Concerns grow regarding Fed's overspending on renovations amid political tensions. 5. Bessent, on short list for Fed chair, dismisses shadow chair discussions.