President Donald Trump pushed back Sunday on a Wall Street Journal report that Treasury Secretary Scott Bessent advised him not to fire Federal Reserve Chair Jerome Powell. In a Truth Social post, Trump called the report “untruthful” and insisted no one needed to explain the market consequences of such a move to him.
“I know better than anybody what’s good for the Market,” Trump wrote, adding that without him, it “probably would have CRASHED.”
The Journal report said Bessent warned Trump last week that removing Powell would risk legal fallout, economic instability, and interfere with potential rate cuts. Trump acknowledged his frustration with Powell but claimed he is not planning to fire him. He hinted a replacement could come after Powell’s term ends in 2026.
The administration is also investigating cost overruns on Federal Reserve building renovations, with Trump suggesting the $2.5 billion project could provide legal justification to oust Powell. Powell has ordered a review by the Fed’s inspector general.
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