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"Treasury Secretary Bessent Leads High-Stakes Decisions on Next Fed Chair and Global Trade Talks"
Treasury Secretary Scott Bessent has been in the spotlight over the past few days as he leads several high-stakes decisions shaping United States economic policy. According to CNBC sources cited by StockTwits, Bessent has narrowed the candidate field for the next Federal Reserve Chair to five names after multiple interviews. The finalists now include Michelle Bowman, who is currently the Federal Reserve Vice Chair for Supervision, and Christopher Waller, a current Fed Governor. Joining them on the shortlist are Kevin Hassett, director of the National Economic Council, former Fed Governor Kevin Warsh, and Rick Rieder, the Chief Investment Officer for BlackRock Fixed Income. While President Donald Trump will ultimately select the next Fed Chair, Bessent and his team are expected to conduct one more round of interviews before making a final recommendation. The process could see the nominee first filling a Fed Governor seat before moving into the Chair position, maximizing their term in office.
In terms of global financial relations, Bessent is set to hold a crucial meeting in Washington later this week with Koo Yun-cheol, South Korea’s finance minister. As reported in Korea JoongAng Daily and Korean Economic Daily, this meeting comes amid ongoing but unsettled trade talks between the United States and South Korea. The nations have proposed a three hundred fifty billion dollar investment package that would lower United States tariffs on Korean goods. However, South Korea insists on a currency swap arrangement to safeguard its financial stability and ensure fair investment terms, and it seeks more control over the selection of investment destinations. Discussions about these points are on the agenda, but the details have yet to be finalized or formalized in an official memorandum.
International diplomatic tensions also surfaced after Bessent made public remarks regarding United States strategic interests in Latin America. Bloomberg reported that Bessent stated on national television that Argentina’s president, Javier Milei, is fully dedicated to removing Chinese influence from his country’s economic affairs. This prompted swift condemnation from Chinese officials who accused the United States of Cold War style intervention and rejected any attempts to undermine Chinese relationships in Latin America. The Chinese Embassy in Argentina and Chinese media have both challenged Bessent’s comments, insisting that China's approach has always respected the sovereignty of Latin American countries and warning against outside interference.
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Published on 2 days, 21 hours ago