President Donald Trump said Treasury Secretary Scott Bessent has withdrawn from consideration to succeed Jerome Powell as chair of the Federal Reserve, telling the president he prefers to remain at the Treasury Department. Trump disclosed Bessent’s decision in an Aug. 5 interview with CNBC. With Bessent out, Trump said the shortlist for Fed chair has been trimmed to four candidates and that he expects to make a selection before the end of the week. The president identified former Fed Governor Kevin Warsh and National Economic Council Director Kevin Hassett as two of the remaining contenders. Powell’s current term expires in May 2026. Speaking two days later, Bessent said Trump has “no intention” of firing Powell and will pursue a standard nomination process. Bessent also criticized the central bank for keeping rates unchanged even as U.S. payroll figures were later revised lower, arguing that such revisions suggest policy should already be moving toward cuts.