Bessent Cautioned Trump Against Firing Fed Chair Powell, Citing Major Economic and Legal Risks
Bessent Cautioned Trump Against Firing Fed Chair Powell, Citing Major Economic and Legal Risks
Treasury Secretary Scott Bessent reportedly urged President Donald Trump against dismissing Federal Reserve Chair Jerome Powell, warning of significant economic, political, and legal repercussions, according to a new report from The Wall Street Journal.
Bessent’s advice, which marks a notable divergence from other Trump allies, highlighted that removing Powell before his term concludes next spring could destabilize financial markets and push the central bank into unprecedented territory. He also pointed to the Fed’s anticipated interest rate cuts this year as a reason to maintain Powell’s leadership.
The report underscores the high-stakes discussions within the administration regarding the nation’s economic leadership, as Bessent’s comments reportedly came during a period when some of the president’s other top allies have increased their public criticism of Powell.
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