President Trump said he would announce later this week his pick to fill an unexpected vacancy on the Federal Reserve’s board and that he was leaning toward a short-term appointment rather than nominating someone who could next year succeed Fed Chair Jerome Powell.

Trump confirmed Treasury Secretary Scott Bessent declined the role, saying, “I want to work with you,” while market-watchers weigh how each candidate could impact Fed independence and dollar strength.

President Donald Trump’s advisers are reportedly urging him to appoint a temporary Federal Reserve governor to fill an upcoming vacancy on the central bank’s board, so that he has more time to decide on a potential successor to Fed Chair Jerome Powell.