Bessent Made Case to Trump Against Firing Fed Chair

“Treasury Secretary Scott Bessent in recent days privately laid out his case to President Trump for why he believed Trump shouldn’t try to oust Federal Reserve Chair Jerome Powell,” the Wall Street Journal reports.

“Bessent’s reasons for avoiding a messy dispute over Powell’s final 10 months as Fed chair focused on a few themes: the possible effects on the economy and markets, the prospect that the Fed is already moving toward cutting interest rates later this year, and the likely political and legal obstacles that such a move would face.”

“Bessent said firing Powell was unnecessary because the economy is doing well and markets have responded positively to the president’s policies.”