US Edition
Scott Bessent backs Jerome Powell: 'There's nothing that tells me he should step down right now’
DISTRICT OF COLUMBIA, UNITED STATES, JUL 22 – Treasury Secretary Scott Bessent backs Fed Chair Powell amid criticism over a $2.5 billion renovation and high interest rates, urging an internal review of the Fed's non-monetary activities.
- U.S. Treasury Secretary Scott Bessent stated on Tuesday that Federal Reserve Chairman Jerome Powell is not required to resign immediately, despite his earlier call for a comprehensive review of the Fed's operations.
- Bessent called for a comprehensive internal review of the Fed's non-monetary activities due to concerns about persistent mandate creep beyond its core mission.
- Amid escalating tension with President Trump, who criticized Powell over steady high interest rates and a $2.5 billion Fed building renovation, Bessent emphasized Powell has been a good public servant.
- Bessent expressed that there is no indication Powell needs to resign at this time, though he acknowledged the Fed chair could choose to leave early if he wishes. He emphasized the importance of maintaining the Federal Reserve's independence and responsibility.
- Powell's term as Fed chair ends in May 2026, and Bessent’s call for review suggests possible reforms but affirms the Fed's autonomy remains key to US economic stability.
30 Articles
30 Articles
Joe Lavorgna: Bessent Brings ‘Tranquility and Confidence’ to Treasury
Joe Lavorgna, senior counselor to Treasury Secretary Scott Bessent, told Breitbart News Daily that Bessent’s calm demeanor, credibility with financial markets, and ability to execute President Donald Trump’s economic policies have made the Treasury Department “the best working agency in government.” The post Exclusive — Joe Lavorgna: Bessent Brings ‘Tranquility and Confidence’ to Treasury, Keeps Markets Calm, Spurs Capital Investment Under Trump…
Gifts and words of advice as student leaves for college
Treasury yields moved slightly higher on Wednesday after U.S. Treasury Secretary Scott Bessent eased market jitters over instability at the top of the Federal Reserve, turning attention back to the interest rate outlook. The benchmark 10-year Treasury yield was last trading more than 4 basis points higher at 4.38%, while the 2-year yield rose more than 4 basis points to 3.874%. The 30-year yield added more than 3 basis points to 4.942%. One basi…
Denver Gazette
Trump administration not in a rush to replace Powell, Treasury chief Bessent says
WASHINGTON (Reuters) -U.S. Treasury Secretary Scott Bessent said on Wednesday that the Trump administration was not in a rush to nominate a new Federal Reserve Chair to replace Jerome Powell.
US Treasury chief: No need for Fed's Powell to step down right now
There is no need for U.S. Federal Reserve Chair Jerome Powell to immediately step down, Treasury Secretary Scott Bessent said on Tuesday, adding that the Fed chief's legacy should be to right-size the central bank's non-monetary policy functions.
Coverage Details
Bias Distribution
- 44% of the sources lean Right
Factuality
To view factuality data please Upgrade to Premium
