President Donald Trump said on Tuesday he would not select Treasury Secretary Scott Bessent as the next chairman of the Federal Reserve, stressing Bessent “wants to stay” at the Treasury Department.

“Well, I love Scott, but he wants to stay where he is,” Trump said on CNBC’s Squawk Box Tuesday morning. “I asked him just last night, ‘Is this something you want?’ [Bessent said], ’Nope, I want to stay where I am.’ He actually said, ‘I want to work with you.’ It’s such an honor. I said, ‘That’s very nice. I appreciate that.’”

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Trump added that Bessent is “doing a great job,” confirming he “does not want” the top Fed post.

The president’s comments ended speculation that the treasury secretary would be in the running to succeed Jerome Powell, whose term ends in May 2026.

Powell has drawn the administration’s ire over his hesitancy to lower interest rates, as Trump has pressured him to do. The head of the central bank also faces scrutiny over the pricey renovation to the Fed’s headquarters in Washington, D.C., that has gone $700 million and counting over the project’s initial $1.9 billion budget.

Among the four candidates to become the next chairman are former Fed governor Kevin Warsh and National Economic Council Director Kevin Hassett, both of whom have called for lower interest rates in line with the president’s wishes. Trump said on Tuesday that both “are very good” contenders.

Fed governor Christopher Waller, who also prefers a rate cut, is believed to be in contention for the position. Trump did not name the fourth candidate.

The short list comes after Adriana Kugler abruptly resigned from the Fed’s Board of Governors on Friday, which Trump said “was a pleasant surprise.” The move gives Trump an opportunity to fill the vacancy with someone who agrees with his stance on interest rates.

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Trump is expected to announce his new pick for the open position in the coming days, as well as a new Bureau of Labor Statistics commissioner after the previous commissioner was fired over the new jobs report late last week.

“I’m going to be announcing that very shortly,” Trump told CNBC, noting the pick wouldn’t serve in the position for very long. “It’ll be for the four months, you know, for the short period of time.”