Treasury Secretary Scott Bessent said Tuesday that a “formal process” to find a successor for Federal Reserve Chair Jerome Powell has already started — as the Trump administration ratchets up pressure for the top central banker to step aside before his term ends.

The Treasury secretary also stated his preference that Powell step down from the Fed entirely when his term ends. “Traditionally, the Fed chair also steps down as a governor."

Treasury Secretary Scott Bessent, in an interview on Bloomberg Television, said he hasn't looked at the CPI number that's about to be released -- he is entitled to early access --but said not to read too much into one month's number.