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.”

Ahead of US Fed Chair Jerome Powell’s scheduled speech, Treasury Secretary Scott Bessent has called for a comprehensive review of the Federal Reserve. In an interview with CNBC, Bessent stated that there is a need to assess whether the Federal Reserve has been successful in fulfilling its mandate.

US Treasury Secretary Scott Bessent weighed in on the latest Fed drama, pointing to the "fear-mongering" around tariffs and the potential for higher inflation.

An examination of the Fed is necessary to determine why members have proved unable to “break out of a certain mindset,” Bessent said.

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.

The Fed should be reviewed, citing what the Treasury secretary called “fearmongering over tariffs” despite the emergence of little, if any, inflationary effect.

President Donald Trump stepped up his attacks on Jerome Powell last week–but Treasury Secretary Scott Bessent came to the Federal Reserve chair's defense, The Wall Street Journal reported. Bessent in recent days privately laid out his case to Trump for why he believed Powell shouldn't be fired,

The Treasury secretary also stated his preference that Powell step down from the Fed entirely when his term ends. “Traditionally, the Fed chair also steps down as a governor."