Washington, July 21: US President Donald Trump blasted The Wall Street Journal’s report that claimed Treasury Secretary Scott Bessent had privately advised him against firing Federal Reserve Chair Jerome Powell.In a lengthy post on Truth Social on Sunday, Trump criticised the report, calling it “typically untruthful” and insisted that no one had to tell him about the risks of removing Powell. “I know better than anybody what’s good for the market, and what’s good for the USA,” Trump wrote. “People don’t explain to me, I explain to them!”
The WSJ report, quoting unnamed sources, said that Bessent had warned Trump about the possible legal, political, and market consequences of firing Powell before his term ends in May 2026. According to the report, Bessent highlighted that Powell could sue if he is removed early, and that the court case could drag on until his term ends anyway.
Bessent also said there was no need to remove Powell, as the economy was doing well and the Federal Reserve might already cut interest rates twice this year.
Trump has also been criticising the Fed chair for not cutting interest rates fast enough. Recent reports claimed Trump wanted more influence over the Federal Reserve, including appointing a successor who aligned with his economic views.
The WSJ report also claimed Trump was already working on a transition plan at the Fed. Powell’s term as chair ends in May 2026, and Fed Governor Adriana Kugler’s term ends in January, giving Trump an opportunity to nominate new officials. According to the article, Kevin Hassett, a former senior economic adviser, is seen as a potential replacement.
This isn’t the first time Trump has publicly clashed with The WSJ.
Last week, Trump sued the Wall Street Journal’s parent company, Dow Jones, and its owner, Rupert Murdoch, over an alleged “bawdy” letter he wrote to late convicted sex offender Jeffrey Epstein. It featured a drawing of a naked woman and a suggestive message.
The letter reportedly featured a drawing of a woman’s breasts, with Trumpâs signature placed in the area representing pubic hair.
In his Sunday response, Trump took credit for the strong market and dismissed the idea that others had to guide him. “If it weren’t for me, the market wouldn’t be at record highs right now, it probably would have crashed!” he wrote.
The US president has often claimed that lowering rates would ease the federal debt burden and help the economy grow faster. However, Trump had previously told reporters he wasnât planning to fire Powell.