NBC’s Kristen Welker Gets Lesson After Pressing Treasury Secretary Scott Bessent on Fed Rates

Treasury Secretary Scott Bessent sparred with NBC’s Kristen Welker on  Meet the Press on Sunday after she pressed him on how much influence President Donald Trump has over Federal Reserve policy.

The conversation followed remarks by Fed Chair Jerome Powell last month where he suggested the central bank may be moving toward lowering interest rates,  which Trump has been publicly urging for months. 

Welker noted the prior firing of Federal Reserve Governor Lisa Cook and the mounting political pressure on Powell, asking Bessent whether interest rates are ultimately set by the Fed or by Trump.

When Welker pushed further, asking if Trump should have any role in rate decisions, Bessent hit her with a dose of reality: “The Fed chair doesn't set interest rates. The FOMC sets interest rates. So, it is a board.”

“President Trump is going to make his views known just like President Biden did. President Biden, in his last State of the Union, said he thought there was going to be an interest rate cut. Senator Warren called for a 75-basis-point cut this year. So, presidents and lawmakers will always weigh in, but the Fed ultimately makes the decision.”

The two also clashed on the recent jobs report. Welker pointed to manufacturing employment falling by 12,000 since April, and Bessent noting that Native-born employment is up while non-citizen employment is down - the exact opposite of the situation under the Biden administration.