Treasury Secretary Scott Bessent has cautioned White House officials that removing Jerome Powell as chair of the Federal Reserve would risk destabilizing financial markets, Politico reports.
The report comes as President Donald Trump has stepped up his attacks against Powell — on Thursday he accused the central bank chief of “playing politics” by not cutting interest rates and asserted he had the power to evict Powell from his job “real fast.”
Powell has downplayed the likelihood of cutting interest rates in the near future and said recently that the administration’s tariff plans were likely to raise both inflation and unemployment.
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