Treasury Secretary Scott Bessent pushed back Wednesday against MSNBC host Jonathan Lemire’s pointed questions about President Trump’s criticism of Federal Reserve Chair Jerome Powell.
Trump has called for Powell to resign but has said he won’t fire him. Lemire suggested the president’s stance was harmful to the economy during an appearance on Morning Joe. Bessent wasn’t having it.
“President Trump has made no secret of his dislike for Fed Chair Jerome Powell,” Lemire said. “Should the president just say, ‘I’m going to let the Fed chair finish his term’? Wouldn’t that calm the markets?”
Bessent quickly shot that down. “I’m not sure where that question comes from,” he said. “President Trump has repeatedly said he is not going to fire Chair Powell. He might want him to resign, but he’s said clearly he won’t fire him. I think he even said it again yesterday.”
Lemire pressed further, asking whether Trump’s ongoing pressure campaign helps or hurts the economy. Bessent didn’t flinch.
“Anyone who goes into public service should expect pressure,” he replied. “I get pressure from the president, Congress, constituents. Chair Powell has been around a long time. He can handle it.”
Trump and Powell have clashed repeatedly, especially over interest rates. Trump wants cuts. Powell hasn’t delivered.
Powell has also warned that Trump’s tariffs create uncertainty. He even said the Fed would have lowered rates if not for the tariffs, according to a July 1 CNBC report.
Despite that, the economy is showing signs of strength. Manufacturing rose in June, jobless claims fell for five straight weeks, and retail sales jumped 0.6%. The stock market surged mid-July on the positive numbers.