There have been no indications from Powell that he plans to step down despite a barrage of criticism from the Trump administration.

President Trump has reiterated his criticism of Federal Reserve Chairman Jerome Powell at a White House event. Market Catalysts host Julie Hyman breaks down the details. To watch more expert insights and analysis on the latest market action,

Ahead of US Fed Chair Jerome Powell’s scheduled speech, Treasury Secretary Scott Bessent has called for a comprehensive review of the Federal Reserve. In an interview with CNBC, Bessent stated that there is a need to assess whether the Federal Reserve has been successful in fulfilling its mandate.

US Treasury Secretary Scott Bessent weighed in on the latest Fed drama, pointing to the "fear-mongering" around tariffs and the potential for higher inflation.

Treasury Secretary Scott Bessent said Tuesday that a “formal process” to find a successor for Federal Reserve Chair Jerome Powell has already started — as the Trump administration ratchets up pressure for the top central banker to step aside before his term ends.

The Treasury secretary also stated his preference that Powell step down from the Fed entirely when his term ends. “Traditionally, the Fed chair also steps down as a governor."

An examination of the Fed is necessary to determine why members have proved unable to “break out of a certain mindset,” Bessent said.

President Donald Trump on Sunday disputed a Wall Street Journal story alleging that Treasury Secretary Scott Bessent urged him to avoid firing Federal Reserve Chair Jerome Powell partly over concerns about the impact of his potential removal on the U.S. economy, declaring that he knows “better than anybody what’s good for the Market.”