Treasury Secretary Scott Bessent said Tuesday that a “formal process” to find a successor for Federal Reserve Chair Jerome Powell has already started — as the Trump administration ratchets up pressure for the top central banker to step aside before his term ends.

The US Treasury secretary expects tariffs and growth to boost government revenue, while banks and monetary innovation keep borrowing costs in check. The scheme evokes the 18th-century Scottish economist and speculator John Law’s failed attempt to reform French public finances.

Treasury Secretary Scott Bessent, in an interview on Bloomberg Television, said he hasn't looked at the CPI number that's about to be released -- he is entitled to early access --but said not to read too much into one month's number.

The Treasury secretary also stated his preference that Powell step down from the Fed entirely when his term ends. “Traditionally, the Fed chair also steps down as a governor."

Kevin Hassett, one of President Trump’s longest-serving economic aides, is the early front-runner to replace Jerome Powell as Federal Reserve chief next year, according to people familiar with the process.