White House confidant Bannon advises Bescent to run both the Treasury and the Federal Reserve

Steve Bannon, a White House crony, has offered an unusual solution to the question of who will succeed Fed chairperson Jerome Powell next year. In an interview, Mr. Bannon suggested that Mr. Bescent, the current Treasury secretary, be the Fed chairperson while retaining the Treasury secretary role. "I firmly believe that in the interim, Mr. Bescent should be both Fed chairperson and Treasury secretary, perhaps until the midterm elections, and then step down from the Treasury and take over the Fed in full," Mr. Bannon said. Mr. Bannon, who was chief White House strategist during Mr. Trump's first term but was fired after only seven months in office, still enjoys some respect within the administration. A White House spokesperson responded: "The White House does not and has never considered such an arrangement." (CNBC)