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.

U.S. President Donald Trump on Tuesday said he would announce decisions soon on a short-term replacement for Federal Reserve Governor Adriana Kugler, who announced her resignation on Friday, as well as his pick for the next Fed chair.

Donald Trump has ruled out appointing Treasury secretary Scott Bessent to the Federal Reserve, as he narrows the list of candidates to lead the US central bank. The US president t