Try GOLD - Free
Bessent Sees No Reason for Powell to Step Down From Fed as of Now
Business Standard
|July 23, 2025
Treasury Secretary Scott Bessent offered support for Jerome Powell amid regular attacks from Trump administration officials, saying he sees no reason for the Federal Reserve chair to step down.
"There's nothing that tells me that he should step down right now," Bessent said of the US central bank chief, speaking Tuesday on Fox Business. "His term ends in May. If he wants to see that through, I think he should. If he wants to leave early, I think he should."
Powell has been under fire from President Donald Trump for months for leading the Fed in holding fast on interest rates—declining to continue last year's reductions due to concern over the inflationary impact of the administration's tariff hikes. A number of Republicans this month have also taken issue with the chair over a costly renovation of the central bank's buildings. Bessent on Monday called for an internal review of the Fed's non-monetary activities, including the renovation project.
This story is from the July 23, 2025 edition of Business Standard.
Subscribe to Magzter GOLD to access thousands of curated premium stories, and 10,000+ magazines and newspapers.
Already a subscriber? Sign In
MORE STORIES FROM Business Standard
Business Standard
Supreme Court’s AGR dues order only for Vi
Eyen as other telecom companies are also hopeful of getting a breather, the written order of the latest Supreme Court verdict, linked to adjusted gross revenue (AGR) dues, suggests that the scope has not been broadened beyond Vodafone Idea (Vi).
1 mins
November 05, 2025
Business Standard
Low steel prices put ₹9 trn expansion plan at risk: Steel secy
India's steel industry is facing stress as five-year low prices have forced around 150 small producers to shut down operations and 50 more to cut output by half, raising concerns over the sector's ability to invest 9 trillion required for funding its next phase of capacity expansion, said steel ministry Secretary Sandeep Poundrik on Tuesday.
1 min
November 05, 2025
Business Standard
Europe winter travel costs for Indians dip 40%
With Europe being a prominent destination for Indians during the long winter holidays, this year's travel costs are down by up to 40 per cent for the November-February period, according to travel firm Cox and Kings.
1 min
November 05, 2025
Business Standard
Consolidated profit up 84%
The financial results for the September quarter showed a strong rise in net profit, boosted by a one-time gain.
1 min
November 05, 2025
Business Standard
Industry wheels slow down, await workhorses from Bihar
More than 74 million voters are set to cast their vote in Bihar’s Assembly elections on November 6 and 11.
3 mins
November 05, 2025
Business Standard
Adani Enterprises to raise up to ₹25K cr via rights issue
Fundraise to push growth across airports, data centres, green energy, roads
2 mins
November 05, 2025
Business Standard
Yono 2.0 launch likely by Dec-end
State Bank of India is likely to launch its upgraded version of mobile banking app Yono 2.0 by the end of December. The new version will be capable of handling 200 million customers, said SBI Chairman C S Setty.
1 min
November 05, 2025
Business Standard
ChrysCapital closes record $2.2 billion fundraise
ChrysCapital, India’s largest homegrown private equity firm, has closed its 10th fund — ChrysCapital X — at $2.2 billion, the biggest India-focused private equity fund ever raised.
2 mins
November 05, 2025
Business Standard
Mehli Mistry sends out truce signals to Tata Trusts
Within days of filing a caveat with the Maharashtra Charity Commissioner that he should be heard before being ousted as a Tata Trusts trustee, Mehli Mistry has sent out truce signals.
3 mins
November 05, 2025
Business Standard
Billionaire who became synonymous with India's rise on global stage
London-based billionaire Gopichand Parmanand Hinduja, one of the principal patriarchs of the Hinduja group and a central architect of its global expansion, has passed away following a prolonged illness. He was 85.
2 mins
November 05, 2025
Listen
Translate
Change font size