President Trump says no one needs to explain to him that firing Federal Reserve Chair Jerome Powell would be bad for the market. He knows that already.
In a social media post, Trump took issue with a report by The Wall Street Journal that Treasury Secretary Scott Bessent has in recent days privately laid out his case to the president why he shouldn’t try to fire Powell, focusing on a few themes that included the possible effects on the economy and market.
“Nobody had to explain that to me,” Trump said on his Truth Social platform. “I know better than anybody what’s good for the Market, and what’s good for the U.S.A. … People don’t explain to me, I explain to them.”
The Journal article published Saturday cited people familiar with the matter. A Treasury spokesperson couldn’t immediately be reached for comment.
Powell’s term as chairman ends in May 2026. Trump appointed him to the post during his first term in office. Since his second term began, Trump has repeatedly criticized Powell for not lowering interest rates, and has hinted at firing him only to knock down that idea.
Bessent also argued that the move would likely face political and legal obstacles, the Journal reported, and that firing Powell was not needed because the Fed appeared likely to cut rates later this year.
“If it weren’t for me, the Market wouldn’t be at Record Highs right now, it probably would have CRASHED! So, get your information CORRECT,” Trump said, typically using all capital letters for emphasis.
Trump has separately filed a lawsuit against the Journal, two journalists, Rupert Murdoch, and Dow Jones and its parent company News Corp, over an article published last week about Trump’s ties to disgraced financier Jeffrey Epstein. News Corp is also the parent company of Barron’s_.