U.S. Treasury Secretary Bessent advised President Trump against firing Federal Reserve Chair Jerome Powell, citing risks to the economy as well as legal and political obstacles, according to the Wall Street Journal. Bessent privately communicated to Trump that the Federal Reserve was already signaling potential rate cuts later this year. However, Trump has disputed the report that Bessent tried to dissuade him from removing Powell. In a CNBC interview, Bessent emphasized that the decision to keep or fire Powell ultimately rests with President Trump. Bessent also expressed uncertainty about the source of leaks regarding his discussions with Trump and Powell, noting that some reports contained partial information. He indicated the need to examine the entire Federal Reserve and mentioned an upcoming Fed meeting scheduled for Monday night.