TechFlow News, March 27: According to JIN10 Data, the Financial Times (FT) previously reported that U.S. Treasury Secretary Bessent had discussed with market participants enhancing the Treasury Department’s oversight of the Federal Reserve by drawing on elements of the Bank of England’s model—a move that would upend the relationship between the Fed and the U.S. government. At present, President Trump has launched an unprecedented attack on the world’s most important central bank. In response to this report, Bessent lashed out at the FT: “A complete fabrication. The FT has devolved into little more than a gossip rag for market participants. Although I have publicly and explicitly denied ever advocating, discussing, or supporting the adoption of the UK Chancellor–Bank of England framework as a blueprint for the Treasury–Fed relationship, FT journalists still fabricated an article headlined ‘Bessent Hails the Bank of England as a Model for Strengthening Oversight of the Fed.’ These pathetic journalists clearly invented a story designed to create the false impression that I—and the Trump administration—are actively pursuing a ‘restructuring of this relationship… at a time when President Trump is launching an unprecedented attack on the world’s most important central bank.’ In short, the FT has entirely fabricated a wholly false policy position for me and this administration. Beyond further propagating that malicious, erroneous narrative of ‘institutional dysfunction and antagonism,’ it remains utterly baffling why they would further damage their already-eroded journalistic credibility.”
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