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,

U.S. Fed Chair Jerome Powell spoke of a need to maintain a "safe, sound and efficient" U.S. banking system while Treasury Secretary Scott Bessent called Powell "good public servant" suggesting he finish his term.

“There’s a real chance here for him, for his legacy — that he right-size the non-monetary policy functions of the Fed,” Bessent said of Powell. The Treasury chief reiterated his view that, for monetary policy, “we should keep that off to the side — that should be kind of like in a jewel box.”

Amid tensions with the White House, Treasury Secretary Scott Bessent backed Fed Chair Jerome Powell, saying there's no need for him to step down before his term ends in May. However, Bessent suggested Powell has a chance to cement his legacy by reforming the Fed’s non-monetary functions.

President Donald Trump has frequently voiced dissatisfaction with the Fed’s “wait-and-see" approach to lowering interest rates under Powell.

The C.E.O. of JPMorgan Chase, who has rarely taken on President Trump during his second term, wades into the argument over the Federal Reserve chair.

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President Donald Trump has escalated his pressure campaign against Federal Reserve Chair Jerome Powell, leaving the door open to ousting him for “fraud,” he said last week. That raises questions about what would happen if Trump actually tires to fire the central bank leader.