Trump’s pick to replace Fed Chair Powell could rock your mortgage and retirement. Buckle up.

Charlie Garcia's Street Sense

The president is testing the Fed’s limits —understanding his thinking could protect your financial future

Last Updated: June 20, 2025 at 2:51 p.m. ET
First Published: June 17, 2025 at 7:50 a.m. ET

Scott Bessent, the intrepid U.S. Treasury Secretary, once floated an idea so wild it made Wall Street spill its martini: a “shadow Fed chair.”

Last October, Bessent suggested naming Jerome Powell’s successor more than a year early, essentially telling the U.S. Federal Reserve chair to sit down, shut up and stop steering — even though he was still in the driver’s seat. Imagine appointing a second captain midflight because you don’t like the turbulence.