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

This comes shortly after FHFA Director Bill Pulte called for Congress to investigate Federal Reserve Chair Jerome Powell for "deceptive" testimony.

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