Bessent Says Federal Reserve’s Challenges Go Beyond Chairman Powell’s Stance on Interest Rates

The Federal Reserve’s challenges extend beyond Chair Jerome Powell’s stance on interest rates, said Treasury Secretary Scott Bessent on CNBC’s “Squawk Box” on July 7. President Donald Trump and senior administration officials have repeatedly criticized Powell for not lowering interest rates, given that inflation is hovering close to the central bank’s 2 percent target, and the labor market remains in a solid position. The White House recently said the board also bears responsibility for not reducing the key policy rate earlier. “A different Fed chair is a kind of forward guidance. But as I reiterate to people all the time, it’s not just the Fed chair. It’s a committee,” Bessent told CNBC....