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U.S. Treasury Secretary Backs Powell Amid Trump Criticism

7/24/2025

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Summary

Story summary

U.S. Treasury Secretary Scott Bessent stood firmly behind Federal Reserve Chair Jerome Powell amid President Trump's criticism over high interest rates and renovation costs. Bessent highlighted Powell's crucial role in maintaining economic stability, while Trump's remarks sparked worries about the Fed's independence and the potential ripple effects on the market.

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Story summary

U.S. Treasury Secretary Scott Bessent stood firmly behind Federal Reserve Chair Jerome Powell amid President Trump's criticism over high interest rates and renovation costs. Bessent highlighted Powell's crucial role in maintaining economic stability, while Trump's remarks sparked worries about the Fed's independence and the potential ripple effects on the market.