Bessent said firing Powell was unnecessary because the economy was doing well and markets have responded positively to the president’s policies, according to a person familiar with the matter.

President Donald Trump wants Federal Reserve Chair Jerome Powell to consider the cost of the government’s ballooning debt service payments when the central bank meets later this month.

Mr. Blair has referred to the Fed’s headquarters as the “Taj Mahal on the National Mall.”

Ahead of US Fed Chair Jerome Powell’s scheduled speech, Treasury Secretary Scott Bessent has called for a comprehensive review of the Federal Reserve. In an interview with CNBC, Bessent stated that there is a need to assess whether the Federal Reserve has been successful in fulfilling its mandate.