Interest rates are a sideshow in the battle over the Fed’s future

WHEN Scott Bessent, US Treasury secretary, wants to send a message to markets, he usually turns to a business television show or friendly media forum. Hence his appearance on Fox TV on Wednesday (Sep 10), calling for the Federal Reserve to lower rates at its meeting next week.

But now, Bessent has also ventured on to unexpectedly wonky terrain: last week, a niche publication called International Economy published a long essay he wrote this spring, outlining his critique of the Fed. (A rough summary also appeared in The Wall Street Journal.)

This is striking given that ahead of next week’s Fed meeting, President Donald Trump has demanded not just rate cuts but also the expulsion of Lisa Cook, a board member, for alleged fraud. Doubly so, since Jay Powell, the Fed chair, is fighting to protect the institution’s independence and a court has halted efforts to oust Cook.