One of the Federal Reserve's five female regional bank presidents could replace U.S. central bank chief Jerome Powell, Treasury Secretary Scott Bessent said on Tuesday - an intriguing comment given that none of the 12 Fed regional bank presidents have signaled they are on board with the immediate cut in interest rates demanded by President Donald Trump.

In the battle over the future of Federal Reserve Chair Jerome Powell, Treasury Secretary Scott Bessent appears to be focused on the long game. In an interview with Fox Business News on Tuesday, Bessent said he was not pushing Powell to leave his post.

Treasury Secretary Scott Bessent offered support for Jerome Powell amid regular attacks from Trump administration officials, saying he sees no reason for the Federal Reserve chair to step down.