"Axios writes, a perturbed Treasury Secretary Scott Bessent told President Trump late Sunday that the federal investigation into the Federal Reserve Chair made a mess and could be bad for financial markets.' That's according to two sources familiar with the call. Is that accurate? Bessent replied by distancing himself from the report in utterly bizarre fashion. You know what, Kristen? Bessent said. I'm not going to discuss my conversations with the president. But if I said that, I was wrong."
"Financial markets, stock market went up, bond yields went down, Bessent said. So the markets are the ultimate arbiter of over whether the Fed's independence is being impugned. And bond yields went down. I can tell you we had two of the best bond auctions that we have had in months for U.S. treasuries. So the market is looking beyond this. And again, maybe the market wants some transparency from the Fed."
Treasury Secretary Scott Bessent distanced himself from an account that he told President Donald Trump the Department of Justice investigation into Federal Reserve Chair Jerome Powell 'made a mess' and could harm financial markets. He declined to discuss private conversations with the president and said that if he had made that remark he was wrong. Bessent pointed to market moves — stocks rising and bond yields falling — and cited two strong recent Treasury auctions as evidence that markets are looking beyond the matter. He said markets may seek greater transparency but emphasized that independence does not preclude oversight.
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