Trump refuted reports that Bescent dissuaded him from firing Powell

President Donald Trump on Sunday denied a report in the Wall Street Journal that Treasury Secretary Vincent Bescent convinced him not to fire Federal Reserve Chairperson Jerome Powell.

According to the Wall Street Journal, citing people familiar with the matter, Bescent told Trump that removing Powell before his term expires next spring could trigger a negative reaction from the economic and financial marekt and push the Fed into uncharted legal and political territory.

The Wall Street Journal said Mr. Bescent also argued that the Fed appeared poised to cut interest rates this year, so there was no need to replace Mr. Powell, who the president has harshly criticized in the past for not lowering short-term interest rates.

But in a Truth Social post on Sunday, Mr. Trump refuted the Journal report, calling it "typically untrue."

"No one needs to explain to me," Mr. Trump wrote. "I know better than anyone what is good for markets and what is good for America."

He added: "People don't explain it to me, I explain it to them!"

Bescent's remarks about Trump differed from those of the president's other senior allies, some of whom have ramped up their criticism of Powell in recent weeks.

But that criticism has escalated in recent weeks as senior Trump administration officials have focused on the Fed's $2.50 billion renovation program.

Walter, director of the White House Office of Management and Budget, accused Powell of "grossly mismanaging the Fed" and cited cost overruns on renovation projects as an example.

Walter also asked Powell a series of questions about the renovation project, to which Powell responded.

"The board believes it is essential to provide transparency and accountability to the public in our decisions," Mr. Powell wrote.

If Powell is removed before the end of his term, it would be an unprecedented move that could spark a legal conflict that could eventually reach the US Supreme Court.

Days before Trump refuted the Wall Street Journal report, he sued media mogul Murdoch after the newspaper published an article claiming that Trump sent a "lewd" letter to his then-friend Epstein on his 50th birthday.

Trump is seeking at least $10 billion in damages in the lawsuit, which includes Murdoch, his company News Corp and its CEO Thomson, Dow Jones & Company, the publisher of The Wall Street Journal, and the two journalists who wrote the article.