Trump denies that Scott Bessent talked him out of firing Jerome Powell

President Donald Trump on Sunday denied that Treasury Secretary Scott Bessent had gotten him to back off firing Federal Reserve Chair Jerome Powell as reported in the Wall Street Journal.

"Nobody had to explain that to me. I know better than anybody what’s good for the Market, and what’s good for the U.S.A.," Trump said in a social media post. "People don’t explain to me, I explain to them!"

The Journal report said Bessent had privately argued to Trump that ousting Powell would set off a likely court battle along with possible turmoil in financial markets. The president last week flirted with firing the central bank chief in private and later poured cold water on the idea in public.

Trump has expressed fury at the Federal Reserve for not dropping interest rates all year. On Monday, Bessent didn't directly refute the report and said the president draws advice from a wide range of allies and advisors.

"President Trump solicits a whole range of opinions and then makes a decision," Bessent told CNBC. "He takes a lot of inputs and at the end of the day, it's his decision."

Trump administration officials are echoing Trump in pressuring the Federal Reserve over the cost of borrowing. Bessent sided with them on Monday.

"What we need to do is examine the entire Federal Reserve institution and whether they have been successful," Bessent said. He argued there's been plenty of "fear-mongering" about tariffs from central bankers regarding their effect on pushing up prices.

Tariffs' effect on consumer prices have been muted for much of the year. But the latest federal report showed tariffs were starting to bite in June with a 2.7% increase compared to a year before. Appliances, oranges and linens were among the many items becoming more expensive.