According to a source with knowledge of the situation who spoke to CNN, Treasury Secretary Scott Bessent has expressed his displeasure with the decision to look into Fed Chair Jerome Powell criminally.
Bessent has voiced concern that the markets may suffer as a result of the decision. Although it did not seem to be the case on Monday, he has previously cautioned President Donald Trump that removing Powell would also result in market instability.
Powell’s June testimony before Congress regarding the central bank’s $2.5 billion remodeling of its headquarters in Washington, DC, is at the core of the probe, which sparked bipartisan criticism after it was first made public on Sunday night.
Powell stated in a statement, The Federal Reserve’s decision to set interest rates based on our best assessment of what will serve the public, rather than following the President’s preferences, has resulted in the threat of criminal charges.
Axios was the first to report on Bessent’s annoyance, claiming that he told Trump late on Sunday that the FBI inquiry into Powell “made a mess. The Treasury Department has been contacted by CNN for comment.
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