Treasury Secretary Scott Bessent told the president privately in recent days that ousting Jerome Powell entailed risks, including possible effects on the economy and potential legal and political obstacles.

Donald Trump has refuted a Wall Street Journal report. The report claimed Scott Bessent tried to stop him from firing Jerome Powell. Trump called the story untrue on Truth Social. He also asserted his understanding of market dynamics.

Treasury Secretary Scott Bessent advised President Trump against firing Federal Reserve Chair Jerome Powell, arguing that such a move could harm markets, disrupt the economy and face serious legal and political hurdles, The Wall Street Journal reported Sunday, citing people familiar with the discussions.