Treasury Secretary Scott Bessent dismissed MSNBC host Jonathan Lemire’s negatively framed questions on Wednesday about President Donald Trump’s stance against

The bond market shook off its panic and pushed upward on Wednesday after Scott Bessent, the U.S. Treasury Secretary, told everyone that Jerome Powell is not going anywhere just yet. That single message turned attention away from a possible Fed crisis and back to what actually moves the market: interest rates.

"What we need to do is examine the entire Federal Reserve institution and whether they have been successful," Bessent told CNBC's Squawk Box.

US Treasury Secretary Scott Bessent weighed in on the latest Fed drama, pointing to the "fear-mongering" around tariffs and the potential for higher inflation.

Treasury yields were broadly higher as traders turn their attention to the Federal Reserve’s monetary policy meeting next week.

President Donald Trump on Sunday disputed a Wall Street Journal story alleging that Treasury Secretary Scott Bessent urged him to avoid firing Federal Reserve Chair Jerome Powell partly over concerns about the impact of his potential removal on the U.S. economy, declaring that he knows “better than anybody what’s good for the Market.”