Treasury Secretary Scott Bessent told Bloomberg on Tuesday a “formal process” has been launched to find Federal Reserve Chair Jerome Powell’s successor, following months of pressure from President Donald Trump to have Powell step down from his role at the agency.

Federal Reserve Chair Jerome Powell requested an inspector general review of the central bank's $2.5 billion headquarters renovation after Trump officials criticized cost overruns.

The most recent criticisms against Fed chair Jerome Powell come after President Donald Trump continues to demand lower interest rates.

Analysts at Deutsche Bank consider the president's removal of Fed chief Jerome Powell "one of the largest under-priced event risks over the coming months."

Potential removal of Fed Chair Jerome Powell could disrupt markets, spike inflation expectations, and impact the USD and bonds.

Investors don’t seem to give much credence to claims that cost overruns will give President Trump justification to oust Fed Chair Powell.

President Donald Trump has signaled he’s already looking to replace Federal Reserve Chair Jerome Powell far earlier than usual. Here’s how a so-called ‘shadow’ Fed would work, and why it could cause problems for markets.

The Federal Reserve has requested that its inspector general review a $2.5 billion headquarters expansion project following sharp criticism from the Trump administration. According to CNBC, Fed Chair Jerome Powell requested the review amid accusations of “fiscal mismanagement” and cost overruns tied to renovations.