The president has been angry with Powell over the U.S. central bank's hesitance to succumb to his demand for lowering interest rates.

President Donald Trump's long-standing feud with Fed Chair Jerome Powell burns on, this time with him calling on Powell to resign immediately. In a Wednesday night Truth Social post, the president said, "'Too Late' should resign immediately!!!"

If they want to make a mistake here and not cut, that’s fine,” Bessent told CNBC, insisting that tariffs imposed by Trump since taking office in January had not fueled inflation