U.S. Treasury Secretary Scott Bessent believes there's "a very good chance" that President Donald Trump chooses a new head of the Federal Reserve before Christmas.

Speaking Tuesday on CNBC, Bessent — who has been leading the search for a replacement to current Federal Reserve Chairman Jerome Powell — said he had one final interview to conduct but that he's not going to speculate on who the president may choose to succeed Powell.

"I don't think it would be prudent to give any hints and I think that there's a very good chance the president makes an announcement before Christmas," Bessent said. "But it’s his prerogative, whether it’s before the Christmas holidays or in the new year. But I think things are moving along very well.”

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