WASHINGTON—President Trump ruled out tapping Treasury Secretary Scott Bessent as chairman of the Federal Reserve. “I love Scott, but he wants to stay where he is,” Trump said during an interview with CNBC, adding that he would take him off the shortlist of candidates to succeed Fed Chair Jerome Powell when his term ends next year.

The list of candidates to succeed Fed Chair Jerome Powell has been cut down to four after Treasury Secretary Scott Bessent dropped out of consideration, President Donald Trump said Tuesday amid his growing feud with Powell over the agency’s decision to hold interest rates.

U.S. President Donald Trump on Tuesday said he would "shortly" announce his pick for an open seat on the Federal Reserve's Board of Governors and possibly his nominee for Fed chair as well, but that he had removed Treasury Secretary Scott Bessent from consideration since Bessent wants to remain in his current job.