US Treasury Secretary Scott Bessent recently privately explained to President Donald Trump his reasons for believing that Federal Reserve Chairman Jerome Powell should not be dismissed, foreign media cited sources as reporting. Bessent argued that such a move could deal a blow to the economy and markets, noting signs that the Fed might cut interest rates later this year, as well as the potential political and legal hinderances this action might face.Related NewsInitial Jobless Claims for Jul/19 in United States is 217K, lower than the previous value of 221K. The forecast was 227K.