Bessent told the president that ousting Jerome Powell entailed risks, including possible effects on the economy and potential legal and political obstacles.

Trump and the Trump administration have increasingly turned their fire on Powell and his leadership of the central bank.

President Donald Trump said Wednesday it’s “highly unlikely” that he’ll fire Federal Reserve Chair Jerome Powell after signaling otherwise a day earlier in a private meeting with lawmakers.

Donald Trump’s attacks on Federal Reserve Chair Jerome Powell threaten far more than one man’s job—they endanger the entire U.S. and global economy. The Fed was intentionally designed to operate independently of political pressure,