Treasury Secretary Scott Bessent is taking aim at the Federal Reserve and the rules the Fed enforces as a supervisor of big banks. But he doesn't think Fed Chair Jerome Powell should step down immediately.

“Bessent is trying to show Trump there is a path to get what he wants without unnecessary market turmoil,” said Stephen Myrow, managing partner at Beacon Policy Advisors. That path would involve allowing Powell to finish out his term as chair and stepping down from the Federal Reserve board once his chairmanship is up.