Scott Bessent, before assuming his role as the Treasury Secretary, spent his career in finance, working for macro investment billionaire George Soros and noted short seller Jim Chanos, as well as running his own hedge fund.

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.

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."