U.S. Treasury Secretary Scott Bessent said Monday he expects to complete interviews of 10 of 11 candidates to replace Federal Reserve chair Jerome Powell by the end of next week, including current Fed board members and regional bank presidents.

Bessent said he expects to begin narrowing the list of candidates after next week and that there may be two or three shortlists before recommending a candidate to President Donald Trump. Powell's term as Fed chair ends in May 2026.

Bessent again ruled himself out as a potential Fed chair, opting to stay at Treasury. He said that Trump "likes me where I am and I like where I am."