President Donald Trump said on Tuesday he would not select Treasury Secretary Scott Bessent as the next chairman of the Federal Reserve , stressing Bessent “wants to stay” at the Treasury Department.

“Well, I love Scott, but he wants to stay where he is,” Trump said on CNBC’s Squawk Box Tuesday morning. “I asked him just last night, ‘Is this something you want?’ [Bessent said], ’Nope, I want to stay where I am.’ He actually said, ‘I want to work with you.’ It’s such an honor. I said, ‘That’s very nice. I appreciate that.’”

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