U.S. Treasury Secretary Scott Bessent defended President Donald Trump's removal of Federal Reserve Governor Lisa Cook, saying the central bank has "made a lot of mistakes" even as he stressed its independence, according to a Reuters interview.
Speaking to Reuters, Bessent argued that allegations of mortgage fraud against Cook warranted scrutiny and suggested she should resign if they prove true.
"She hasn't said she didn't do it. She's just saying the president can't fire her. There's a big difference," Bessent told Reuters.
Cook, the first Black woman to serve on the Fed Board, was dismissed last week after Federal Housing Finance Agency head William Pulte accused her of misrepresenting multiple properties as primary residences. Cook denies wrongdoing and has sued Trump and the Fed, claiming her removal was unlawful and politically motivated.
Trump has repeatedly criticized Chair Jerome Powell for not cutting rates more aggressively and for costly renovations at the Fed's headquarters. Still, Bessent dismissed concerns over market fallout, pointing to record S&P 500 levels and stable bond yields, Reuters said.
Source: Investing.com
US President Donald Trump said Thursday that he had agreed with President Xi Jinping to cut tariffs on China in exchange for Beijing cracking down on illegal fentanyl trade, resuming purchases of U.S....
China has confirmed that President Xi Jinping will meet with US President Donald Trump in South Korea on Thursday. The meeting is a highly anticipated one that traders and investors on both sides of t...
Japan and the United States have agreed to cooperate on next-generation nuclear power reactors and rare earths, as Tokyo seeks to re-enter the nuclear technology export market and both seek to reduce ...
Top U.S. and Chinese negotiators said they reached a consensus on key disputes, paving the way for Presidents Donald Trump and Xi Jinping to meet later this week and finalize a trade deal aimed at eas...
The U.S. Trade Representative on Friday announced the launch of an investigation into China's implementation of the trade agreement signed during President Donald Trump's first term. "The launch of t...
Gold prices weakened to around $4,010 an ounce on Friday, poised for a second weekly decline. Pressure stemmed from fading hopes for a Fed rate cut after Jerome Powell asserted that a December rate cut was "not guaranteed," keeping the dollar at a...
Asia-Pacific markets opened mostly higher on Friday, with Japan's Nikkei 225 rising more than 1% to a new record, as investors reacted positively to the truce between Washington and Beijing following a meeting between U.S. President Donald Trump...
Japanese stocks are higher as the yen weakens sharply following the Bank of Japan's decision to keep its policy rate unchanged on Thursday. Tech and electronics stocks are leading gains. SoftBank Group is up 2.6% and Sony Group is 3.0%...
Asian stock markets opened higher on Wednesday (October 29th), buoyed by positive sentiment from Wall Street. Investors are confident that the...
The United States (US) Federal Reserve (Fed) will announce its interest rate decision and publish the Monetary Policy Statement following the...
European stocks weakened slightly on Wednesday (October 29, 2025), after several consecutive days of record highs. The STOXX 600 index fell by...
The European session on Tuesday, October 28, 2025, opened on a more cautious note. After consecutive rallies and a new record on the STOXX 600...