Treasury Secretary Scott Bessent on Monday outlined the options to replace Federal Reserve Chair Jerome Powell as his boss Donald Trump published a note he sent to Powell again asking for interest rates to lowered.

The Fed chair will speak Tuesday morning at the European Central Bank’s Forum on Central Banking in Sintra, Portugal.

Jerome H. Powell, whose term does not expire until May, has argued that the central bank can afford to be patient about cutting interest rates amid uncertainty about the economic outlook.