President Donald Trump has denied a report by the Wall Street Journal that said his Treasury Secretary Scott Bessent advised him last week in a private conversation that he should not fire Federal Reserve Chairman Jerome Powell for several reasons.

The reasons the Journal said Bessent gave to Trump were possible negative effects on the economy and markets and legal battles that could happen over the removal, which is unprecedented.

Bessent allegedly also said that the Federal Reserve is likely to cut rates later in the year even if Powell isn't removed, so there isn't really a good reason to remove him.

But Trump said the entire report was "untruthful," seeming to take particular umbrage at the idea that Bessent had to "explain" to him that firing Powell could hurt the economy.

"I know better"

“The Wall Street Journal ran a typically untruthful story today by saying that Secretary of the Treasury, Scott Bessent, explained to me that firing Jerome ‘Too Late’ Powell, the Worst Federal Reserve Chairman in History, would be bad for the Market,” Trump said in a Sunday post on Truth Social.

“Nobody had to explain that to me. I know better than anybody what’s good for the Market, and what’s good for the U.S.A,” he added. “If it weren’t for me, the Market wouldn’t be at Record Highs right now, it probably would have CRASHED! So, get your information CORRECT. People don’t explain to me, I explain to them!”

Trump said in recent days that although he is unhappy with Powell's job performance and believes he does have the constitutional right to fire him, he doesn't plan to do so.

"Fortunately, we get to make a change in the next, what, eight months, and we'll pick somebody that's good," he said.

Investigating Powell

To complicate matters, Powell is under investigation by the White House over whether he mismanaged a $2.5 billion renovation to the Federal Reserve.

The renovations went over by $700 million and included rooftop gardens and other extravagances.

Trump has said the investigation gives him a justifiable reason for removing Powell, although he is not choosing to do so right now.

It's an unusual amount of restraint for Trump, but he does seem to understand the potential effects and doesn't want to see the economy falter right now.

"When you spend $2.5 billion on, really, a renovation, I think it's really disgraceful," Trump said.

Powell has insisted he didn't do anything wrong and has ordered a review of the process by the central bank's independent inspector general.