In a lengthy post on X, Bessent sought to clarify remarks he made in a CNBC interview earlier in the day, in which he said “what we need to do is examine the entire Federal Reserve institution and whether they have been successful.”
The White House has said that Trump has no plans to fire Powell ahead of his term’s end in May 2026 -- a legally contentious move that would bring into question the Fed’s independence.
Bessent, in his post on X, said that the Fed’s “independence is a cornerstone of continued US economic growth and stability.”
He called for a review of the over-budget renovation project, while noting he has “no knowledge or opinion on the legal basis for the massive building renovations.”
The Journal reported that Bessent’s reasons focused on issues including effects on the economy and markets, alongside the likely political and legal obstacles Trump would encounter.
Since returning to the presidency in January, Trump has imposed a 10 percent levy on goods from nearly all trading partners, with higher rates separately on imports of steel, aluminum and autos.
While the effects on consumer inflation have been muted so far, given that Trump has backed off or postponed the harshest among his proposed measures, economists expect that data over the coming months will give a better idea of the tariffs’ impact. - AFP
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