The Globe and Mail reports in its Friday edition that the Trump administration will seek a replacement for Federal Reserve chair Jerome Powell this fall, according to U.S. Treasury Secretary Scott Bessent. A Reuters dispatch to The Globe reports that while the Fed will decide on interest rates, Mr. Bessent indicated that if cuts do not happen soon, any potential reduction in September could be larger. Fed officials are hesitant to lower rates from the current 4.25 to 4.5 per cent due to low unemployment and inflation above their 2-per-cent target, especially with uncertainties surrounding the Trump administration's tariff plans. President Donald Trump has criticized Mr. Powell, whom he appointed, and has called for his resignation, though he cannot dismiss him over policy disagreements. Trump administration officials claim that a pending tax bill will enhance private-sector investment and strengthen the U.S. economy, stating that tariff increases may cause a temporary price rise but will not lead to long-term inflation. "If they want to make a mistake here and not cut, that's fine," Mr. Bessent told CNBC, insisting that tariffs imposed by Mr. Trump since taking office in January had not fuelled inflation "thus far."