US Treasury Secretary Scott Bessent accused Federal Reserve Chairman Jerome Powell on Wednesday of "politicising" the institution, ratcheting up pressure on the central bank.

The gloves are off in the heated clash between Federal Reserve Chair Jerome Powell and President Donald Trump.

Treasury Secretary Scott Bessent, who for the past year has been seen as one the Trump administration’s more moderate voices on Jerome Powell, on Tuesday delivered his most pointed public critique of the Federal Reserve chair.

Live Updates Get The Best Vanguard S&P 500 ETF Live Earnings Coverage Like This Every Quarter Get earnings reminders, our top analysis on Vanguard S&P 500 ETF, market updates, and brand-new stock recommendations delivered directly to your inbox.

President Donald Trump denied that he was involved in the Justice Department's decision to subpoena the Federal Reserve. Chair Jerome Powell said the Federal Reserve was being targeted for making decisions that “serve the public" rather than the president’s “preferences.

The Federal Reserve cut its benchmark interest rate, as expected, while penciling in one further cut for 2026. The Fed projections provide a clue about what policymakers will do if the labor market and inflation fare as they expect next year. The S&P 500 ...