If they want to make a mistake here and not cut, that’s fine,” Bessent told CNBC, insisting that tariffs imposed by Trump since taking office in January had not fueled inflation

Trump called on Federal Reserve Chair Jerome Powell to resign “immediately,” according to the BBC. Trump posted the demand on Truth Social, linking to a federal housing regulator’s call for a congressional investigation into Powell’s testimony about the Fed’s headquarters renovation costs.

Federal Reserve Chair Jerome Powell on Tuesday stuck to his position that the central bank will keep its key rate on hold while it waits to see how President Donald Trump's tariffs effect the economy,