"What we need to do is examine the entire Federal Reserve institution and whether they have been successful," Bessent told CNBC's Squawk Box.

The Fed should be reviewed, citing what the Treasury secretary called “fearmongering over tariffs” despite the emergence of little, if any, inflationary effect.

Donald Trump is reportedly fuming over a Wall Street Journal report claiming Treasury Secretary Scott Bessent talked him out of firing Fed Chair Jerome Powell. While Trump dismissed the account, CNBC’s Andrew Ross Sorkin says a new strategy may be emerging: naming a “shadow Fed chair” ahead of Powell’s term ending in May.

In the latest attempt by a White House ally to turn up the heat on Jerome Powell, a Republican congresswoman has asked the Justice Department to investigate whether the Federal Reserve chief lied to C