Bessent Sees No Reason for Powell to Step Down From Fed as of Now

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.

- BLOOMBERG

"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.