Bessent says he has 'great confidence' in Warsh after Fed raises rates

Federal Reserve Chair Kevin Warsh faced criticism from the White House after raising interest rates, but Treasury Secretary Scott Bessent defended the central bank’s decision, expressing strong confidence in Warsh’s leadership. The move came despite opposition from the administration, highlighting tensions between monetary policy and political priorities. Bessent emphasized support for the Fed’s independence, framing the decision as a matter of economic judgment rather than political alignment. The remarks underscore ongoing debates over the Fed’s role in shaping economic policy amid shifting economic conditions.

Treasury Secretary Scott Bessent said Monday he has “great confidence” in Federal Reserve Chair Kevin Warsh, after the central bank raised interest rates by a quarter point against the wishes of President Trump. “I have great confidence in Chair Warsh,” Bessent told host Joe Kernen on CNBC’s “Squawk Box.” “More importantly, the president has great...