Trump Denies Needing Advice On Fed Chair Powell, Slams WSJ Report: 'I Explain to Them'

Last Updated:July 21, 2025, 07:38 IST

In a fiery Truth Social post, Trump dismissed the article as "typically untruthful" and insisted that no one had to counsel him on how markets work.

US President Donald Trump (AP/File)

Former US President Donald Trump lashed out at The Wall Street Journal on Sunday over its report claiming Treasury Secretary Scott Bessent advised him against removing Federal Reserve Chair Jerome Powell. In a fiery Truth Social post, Trump dismissed the article as “typically untruthful" and insisted that no one had to counsel him on how markets work.

“Nobody had to explain that to me. I know better than anybody what’s good for the Market, and what’s good for the U.S.A.," Trump wrote. “People don’t explain to me, I explain to them!"

WSJ Report Sparks Trump Outburst

The Wall Street Journal article, based on unnamed sources, claimed that Bessent had recently warned Trump about the legal, political, and financial ramifications of firing Powell before his term ends in May 2026. According to the report, Bessent told Trump that removing the Fed chair prematurely could trigger a drawn-out legal battle — one that might outlast Powell’s current tenure — and potentially spook investors.

Additionally, Bessent reportedly argued that the economy was performing well and the Fed might soon deliver two interest rate cuts, making Powell’s removal unnecessary.

Trump’s Market Boast And Powell Critique

Trump used his Truth Social post to take credit for what he described as a booming market. “If it weren’t for me, the market wouldn’t be at Record Highs right now — it probably would have CRASHED!" he claimed.

The former president has long maintained that his policies spurred market growth and that the Federal Reserve has not acted swiftly enough in adjusting interest rates. Trump has criticized Powell repeatedly in the past for being too slow to cut rates, suggesting that quicker moves could relieve federal debt pressure and further accelerate economic growth.

Behind the Scenes: Fed Reshuffle Plans?

The WSJ article also revealed that Trump is already working behind the scenes on a potential transition plan for the Federal Reserve. With Powell’s term ending in 2026 and Fed Governor Adriana Kugler’s term set to expire in early 2025, Trump — if re-elected — would have the chance to reshape the Fed’s leadership. Former senior adviser Kevin Hassett is reportedly being considered as a possible replacement for Powell.

Ongoing Tensions With The Wall Street Journal

Trump’s latest outburst continues his long-running feud with the Wall Street Journal. Just last week, he filed a lawsuit against the newspaper’s parent company, Dow Jones & Company, and its owner Rupert Murdoch, over an alleged letter involving Jeffrey Epstein that the outlet published.

While Trump has previously told reporters that he wasn’t planning to fire Powell, his Truth Social post once again stokes speculation about how he might seek to assert greater control over the Federal Reserve — particularly if he secures another term in office.

What Lies Ahead

As the presidential campaign season heats up and market volatility remains a concern, Trump’s remarks have stirred fresh uncertainty around the Fed’s independence. Whether his comments translate into concrete actions remains to be seen, but Sunday’s post makes clear that Trump continues to see the economy as central to both his legacy and his potential future in the White House.

Abhro Banerjee

Covering day-to-day national and international news for the last nine years across print and digital. Associated with News18.com as Chief Sub-Editor since 2022, covering innumerable big and small events, includ...Read More

Covering day-to-day national and international news for the last nine years across print and digital. Associated with News18.com as Chief Sub-Editor since 2022, covering innumerable big and small events, includ...

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News world Trump Denies Needing Advice On Fed Chair Powell, Slams WSJ Report: 'I Explain to Them'