Treasury Secretary Scott Bessent said the White House is nearing the end of its interview process for the next Federal Reserve chair, with one or two additional meetings expected this week and an announcement likely in early January.

Speaking Tuesday Fox Business, Bessent said President Donald Trump is moving carefully and methodically.

He noted that Trump has been direct with candidates, pressing them on their perspectives regarding monetary policy, the structure of the Federal Reserve, and the broader economic outlook.

Bessent highlighted National Economic Director Kevin Hassett and former Federal Reserve Governor Kevin Warsh as particularly strong contenders, calling both highly qualified.

Trump recently told The Wall Street Journal that Hassett and Warsh are his leading options for the role.

While emphasizing that the timing ultimately rests with the president, Bessent said he expects the decision to be made sometime in early January.

"We've got to have someone who has an open mind," Bessent said. In particular, he said, they should "break this idea that sometimes, often, the Fed has that growth creates inflation. Growth does not create inflation. The friction creates inflation when there is more demand in the economy than supply."

Trump also told The Journal that he wanted to at least be consulted on decisions about interest rates, a departure from the central bank's independent operations.

Current Fed chair Jerome Powell, whose term as chair ends in May, has come under blistering attack from Trump for not lowering interest rates faster.

Bessent rejected criticism that Hassett was too close to Trump to maintain the Fed's independence and should be disqualified.

"This idea that people don't have agency and can't make up their own minds, is wrong," Bessent said.