“Bessent is trying to show Trump there is a path to get what he wants without unnecessary market turmoil,” said Stephen Myrow, managing partner at Beacon Policy Advisors. That path would involve allowing Powell to finish out his term as chair and stepping down from the Federal Reserve board once his chairmanship is up.

Treasury Secretary Scott Bessent said Monday he believes the Federal Reserve system should be reviewed for potentially holding back the US economy, which is “on the cusp” of growth that could equal the dot-com boom seen in the 1990s.

The Journal on Sunday published a report claiming that Bessent had recently made his case to Trump against Powell’s removal, citing potential effects on the economy, the legal challenges such a decision would face,

Treasury Secretary Scott Bessent criticized leakers in response to a Wall Street Journal story that said he personally sought to talk President Trump out of trying to fire Federal Reserve Chair Jerome Powell.

President Trump responded angrily on Sunday to a Wall Street Journal story that Treasury Department Secretary Scott Bessent had personally sought to talk him out of trying to fire Federal Reserve Chair Jerome Powell.