According to Bloomberg, U.S. Treasury Secretary Besant stated that the "official selection process for the successor to Fed Chair Powell has begun," and there are currently several strong candidates, with the process advancing at President Trump's pace. He pointed out that typically, the Fed Chair also steps down from the Board after their term ends. In response to discussions about a "shadow Fed Chair," Besant made it clear that if Powell continues to serve after his term ends, it could lead to market confusion.

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