Bessent Advised Trump Against Trying to Oust Powell
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President Donald Trump on Sunday disputed a Wall Street Journal story alleging that Treasury Secretary Scott Bessent urged him to avoid firing Federal Reserve Chair Jerome Powell partly over concerns about the impact of his potential removal on the U.S. economy, declaring that he knows “better than anybody what’s good for the Market.”
The Fed should be reviewed, citing what the Treasury secretary called “fearmongering over tariffs” despite the emergence of little, if any, inflationary effect.
3hon MSN
"What we need to do is examine the entire Federal Reserve institution and whether they have been successful," Bessent told CNBC's Squawk Box.
Donald Trump is reportedly fuming over a Wall Street Journal report claiming Treasury Secretary Scott Bessent talked him out of firing Fed Chair Jerome Powell. While Trump dismissed the account, CNBC’s Andrew Ross Sorkin says a new strategy may be emerging: naming a “shadow Fed chair” ahead of Powell’s term ending in May.
The Trump administration appears to be calling for a more expanded review on the Federal Reserve. Treasury Secretary Scott Bessent is now calling for a review of the entire Federal Reserve institution, not just recent building renovations.