Scott Bessent backs Jerome Powell
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Former Treasury Secretary Janet Yellen supported Federal Reserve Chairman Jerome Powell finishing his term, which is up in May 2026.
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Treasury Secretary Scott Bessent defended the monetary independence of the Federal Reserve o after getting caught in the crossfire between President Trump and the Wall Street Journal. Bessent said
7don MSN
Treasury Secretary Scott Bessent said Tuesday that a “formal process” to find a successor for Federal Reserve Chair Jerome Powell has already started — as the Trump administration ratchets up pressure for the top central banker to step aside before his term ends.
Jerome Powell has long been a target of President Donald Trump, who has repeatedly criticized the Fed chair for not cutting interest rates.
U.S. Federal Reserve Chair Jerome Powell is a "numbskull" who has kept interest rates too high, but he will be out in eight months, President Donald Trump said at a news conference on Tuesday.
President Donald Trump has escalated his pressure campaign against Federal Reserve Chair Jerome Powell, leaving the door open to ousting him for “fraud,” he said last week. That raises questions about what would happen if Trump actually tires to fire the central bank leader.