96
<!–
sup, sub { font-size: 100% !important; } sup { mso-text-raise:10% } sub { mso-text-raise:-10% }
{beacon}
Business & Economy
|
Business & Economy
<!–
|
|
|
Bessent: Trump ‘not going to fire’ Powell
|
Treasury Secretary Scott Bessent insisted Wednesday that President Trump isn’t going to fire Federal Reserve Chair Jerome Powell, but he suggested the pressure on the Fed to lower interest rates will continue.
|
Bessent was asked on MSNBC’s “Morning Joe” if the president should say he will let Powell finish his term to give certainty to the markets, after indications he would try to fire the head of the central bank have rattled them. The secretary pushed back on the question.
“I’m not sure where that question comes from, because President Trump has repeatedly said he’s not going to fire Chair Powell,” Bessent said. “He might like for him to resign, but he’s not going to fire him. He’s said that on numerous occasions. I think he may have even said it again yesterday.”
The president said Tuesday he doesn’t think Powell should resign before his term is up in May but bashed him for not lowering interest rates.
“I think he’s doing a bad job, but he’s going to be out soon anyway. In eight months, he’ll be out,” the president said.
When asked about the pressure campaign on the Fed chair to lower rates, Bessent said it is part of the role.
“I think anyone who goes into public service should expect pressure. I get pressure from the president, from the Congress, from constituents,” Bessent said.
|
Welcome to The Hill’s Business & Economy newsletter, I’m Aris Folley — covering the intersection of Wall Street and Pennsylvania Avenue.
|
|
|
Key business and economic news with implications this week and beyond:
|
|
|
The nation’s capital emerged as the location with the highest threshold to be the top one percent of earners, a new study found.
|
|
|
|
Sales of previously occupied U.S. homes slid in June to the slowest pace since last September as mortgage rates remained elevated and the national median sales price rose to an all-time high of $435,300.
|
|
|
|
Women in select U.S. cities will soon be able to express a preference for female Uber drivers and riders in the popular ride-sharing service, the company announced Wednesday.
|
|
|
|
The head of entertainment behemoth Skydance is vowing to ensure the company presides over “unbiased journalism” and embraces a “variety of viewpoints,” ahead of its acquisition of fellow media giant Paramount Global.
|
|
|
|
Upcoming news themes and events we’re watching:
|
-
The Senate Appropriations Committee on Thursday is set to consider their full-year funding plans for the departments of Interior, Transportation, Housing and Urban Development and the Environmental Protection Agency at 9:30 am E.T.
|
|
|
Business and economic news we’ve flagged from other outlets:
|
-
Dow pops more than 400 points after Trump announces Japan trade deal (CNBC)
-
Orange juice importer sues Trump, says Brazil tariffs will mean higher prices for consumers (CNN)
-
Johnson Kicks Off Next Tax Bill Work, Seeking Fall Passage (Bloomberg)
|
|
|
Opinion related to business and economic issues submitted to The Hill:
|
|
|
|
You’re all caught up. See you tomorrow!
|
|
|
|
