Scott Bessent, US Finance Minister, During a Bloomberg television interview in New York, USA, on Monday, June 30, 2025.
Victor J. Blue | Bloomberg | Getty pictures
President Donald Trump denied a report by Wall Street Journal on Sunday, in which the Finance Minister Scott Bessent proposed to have released the chairman of the Federal Reserve, Jerome Powell.
According to Bessent, Bessent said that the removal of Powell would have a negative reaction to the economy and the financial markets before his term in the next spring and the central bank could enter into unknown legal and political territory, the journal reported on people who were familiar with the matter.
Besser also argued that the Fed seems to be ready to reduce interest rates this year, which makes it unnecessary to remove Powell, said the journal. In the past, the President has hard criticized that she did not reduce short -term interest rates.
But Trump contested the history of journal on Sunday in a social contribution to the truth and called it “typically restless”.
“Nobody had to explain that to me. I know better than anyone else, what is good for the market and what is good for the USA,” wrote Trump.
“People don't explain to me, I will explain to them!” he added.
Beselted comments on Trump mark a departure from the other top allies of the President, some of whom have strengthened their criticism of Powell in the past few weeks.
Read more CNBC policy reporting
But carping has escalated in the past few weeks, and the top officials of the Trump government have started the 2.5 billion dollar -renovation project of the central bank.
Russell Vouht from White House Office of Management and Household Director has accused Powell of “roughly abused” the Fed, which indicates the cost crossing of the renovation project.
VOUGHT also asked Powell a number of questions about the renovation project to which Powell answered this week.
“The board believes that it is of the utmost importance to offer transparency for our decisions and to be responsible for the public,” wrote Powell.
Removing Powell before his term of office expired, which would be an unprecedented move, would probably trigger a legal collision that could occur at the U.S. Supreme Court.
Trump's dismissal of journal history takes place days after he had sued the media mogul of Rupert Murdoch. After the newspaper published an article that Trump sent his friend Jeffrey Epstein a “Bawdy” letter for Epstein's 50th birthday.
Trump requested compensation in the lawsuit of no less than 10 billion US dollars, the Murdoch, his company News Corp and his CEO Robert Thomson, the publisher of the journal, Dow Jones & Co., and the two reporters who wrote the article as defendants.
The finance department and the White House did not respond to the request from CNBC for a comment.
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