by WorldTribune Staff, November 2, 2025 Real World News

When questioned in an interview about the Federal Reserve under Chairman Jerome Powell, Treasury Secretary Scott Bessent noted that interest rates had been cut before the 2024 election in a move that was obviously “political.”

“Although an instrument of the U.S. government, the Federal Reserve System considers itself ‘an independent central bank because its monetary policy decisions do not have to be approved by the president or by anyone else in the executive or legislative branches of government, it does not receive funding appropriated by Congress, and the terms of the members of the board of governors span multiple presidential and congressional terms,’ the Fed states on its web site.

If this “independent” body acted politically before the election, how has it performed following the election of Donald J. Trump?

The Fed “has been wrong on everything — tariffs, inflation, the economy,” Treasury Secretary Scott Bessent said in a Fox News interview.

“Now they’re stalling a housing recovery and punishing Americans who want to own a home.”

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  after 2024 election: Nation of ‘renters not owners’, Bessent hits Fed’s ‘political’ behavior before, WorldTribune.com