Bessent defends Fed independence a day after Trump fires Cook

Treasury Secretary Scott Bessent told reporters that Federal Reserve independence was "critical" to US financial credibility, a statement issued just 24 hours after Trump sent Lisa Cook a termination letter. Bessent's remarks were widely interpreted as a damage-control message to bond markets, which had sold off on news of the Cook firing. The contradiction between Bessent's public defense and Trump's action highlighted divisions within the administration over central bank strategy.