Treasury Secretary Scott Bessent is taking aim at both the Federal Reserve and the rules the Fed enforces as a supervisor of big banks but making it clear he doesn't think Fed chair Jerome Powell needs to step down immediately.

You had Scott Bessant on the wire this morning, says that saying that he doesn't see a case for the Fed chair to step down at this moment. But I mean, we know which way the wind is blowing when it comes to the whims of this administration.

There is no need for U.S. Federal Reserve Chair Jerome Powell to immediately step down, Treasury Secretary Scott Bessent said on Tuesday, adding that the Fed chief's legacy should be to right-size the central bank's non-monetary policy functions.