US President Donald Trump Denies Firing Powell, Slams Another WSJ Report

The United States President Donald Trump while criticising a report by the Wall Street Journal (WSJ) claimed that the Treasury Secretary Scott Bessent had tried to stop him from firing the Chair of the Federal Reserve Jerome Powell.

Trump called the story "typically untruthful" and said that no one had to explain to him what impact firing Powell would have on the financial markets, the US President said in a post on Truth Social.

What Did Donald Trump Say?

"The Wall Street Journal ran a typically untruthful story today by saying that Secretary of the Treasury, Scott Bessent, explained to me that firing Jerome 'Too Late' Powell, the Worst Federal Reserve Chairman in History, would be bad for the Market," Trump wrote in his post.

He further added that no one had to explain that to him as he knows better than anyone else what is good for the Market, and 'what's good for the U.S.A," Trump wrote.

"If it weren't for me, the Market wouldn't be at Record Highs right now, it probably would have CRASHED! So, get your information CORRECT. People don't explain to me, I explain to them!"

Why has Trump Been Pushing To Remove Powell?

According to a report by The Hill, Donald Trump has been trying to remove Powell over his handling of interest rates. However, legal experts think that Trump does not have the direct authority to fire Jerome Powell, the Chair of the Federal Reserve.

The news of Trump considering to do so has caused concerns on Wall Street on several occasions.

According to the report by The Hill, The Federal reserve said that it had "nothing to share" on the matter.

Defamation Suit

Additionally, Donald Trump has also filed a defamation lawsuit against the Wall Street Journal.

This legal action comes on the heels of the newspaper publishing a story which included a birthday message Trump had allegedly sent to Jeffrey Epstein, a convicted sex offender who died in jail in 2019.

Reportedly, the message was typed inside the outline of a naked woman and signed by Trump and said, "A pal is a wonderful thing. Happy Birthday -- and may every day be another wonderful secret," the report added.

Trump says that the report has caused him "overwhelming financial and reputational harm" and has demanded billions of dollars in damages.

The lawsuit further said that the defendants concocted this story to malign President Trump's character and integrity and deceptively portray him in a false light.

Also Read: Reliance Industries Share Price Today: Why Is The Mukesh Ambani-Led Stock Falling Despite Reporting Highest-Ever Profit?