President Donald Trump’s feud with Federal Reserve Chair Jerome Powell isn’t new. For months, the president has criticized the Fed chair, whom he appointed to the role in 2017, for refusing to lower interest rates.

U.S. Treasury Secretary Scott Bessent on Wednesday told Bloomberg TV in an interview that the Trump administration was not in a rush to nominate a new Federal Reserve Chair to replace Jerome Powell. Bessent said he continues to have regular meetings with Powell and that Powell had not told him whether he would leave his board seat.