U.S. Fed Chair Jerome Powell spoke of a need to maintain a "safe, sound and efficient" U.S. banking system while Treasury Secretary Scott Bessent called Powell "good public servant" suggesting he finish his term.

President Donald Trump has frequently voiced dissatisfaction with the Fed’s “wait-and-see" approach to lowering interest rates under Powell.

The C.E.O. of JPMorgan Chase, who has rarely taken on President Trump during his second term, wades into the argument over the Federal Reserve chair.

Markets this week focus on Powell’s speech and earnings from Coca-Cola and GM, with Alphabet, Tesla, and key PMI data due later this week.

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Treasury Secretary Scott Bessent said Tuesday he sees no reason for the Federal Reserve chair to step down, offering support for Jerome Powell amid regular attacks from Trump administration officials.

Powell has been under fire from President Donald Trump for months for leading the Fed in holding fast on interest rates, concerned about the inflationary impact of the administration’s tariff hikes.

President Donald Trump has escalated his pressure campaign against Federal Reserve Chair Jerome Powell, leaving the door open to ousting him for “fraud,” he said last week. That raises questions about what would happen if Trump actually tires to fire the central bank leader.