Donald Trump is reportedly fuming over a Wall Street Journal report claiming Treasury Secretary Scott Bessent talked him out of firing Fed Chair Jerome Powell. While Trump dismissed the account, CNBC’s Andrew Ross Sorkin says a new strategy may be emerging: naming a “shadow Fed chair” ahead of Powell’s term ending in May.

President Trump floated the idea of firing Jerome Powell — whom he first appointed Federal Reserve chair — earlier this week, after years of on-and-off criticism over interest rates.