'Stop fear mongering!': Fed under fire over tariffs, Bessent orders probe into central bank's ops

US Treasury Secretary Scott Bessent is raising alarms over what he calls the Federal Reserve’s 'mandate creep.' In a bold statement, Bessent warned that the Fed is straying from its core monetary mission into non-policy areas, jeopardising its vital independence and credibility. Calling for a full review of the Fed’s expanding role, Bessent argued that its autonomy is under threat and criticised decisions like the costly Fed headquarters renovation amid ongoing operating losses.