Former Treasury Secretary and former Fed Chair Janet Yellen joins 'Squawk Box' to discuss the importance of maintaining Fed independence, what the firing of Fed Chair Powell would mean for the markets,

US Treasury Secretary Scott Bessent said Tuesday that he did not see a reason for Federal Reserve Chair Jerome Powell to resign immediately, a day after calling for a sweeping review of the Fed. The Treasury chief had told CNBC earlier in the day that "what we need to do is examine the entire Federal Reserve institution and whether they have been successful.

Mr. Bernanke and Ms. Yellen are both economists and former chairs of the Federal Reserve. As former chairs of the Federal Reserve, we know from our experiences and our reading of history that the ability of the central bank to act independently is essential for its effective stewardship of the economy.

Changing the way the Federal Reserve operates or assesses the economy may have a more durable impact on policy and markets than firing the Fed boss.

It is becoming clear what the major challenge will be for Jerome Powell's successor: maintaining the Fed's independence while keeping President Trump happy.

The Reserve Bank’s surprise decision to hold rates in July shocked the market. But a new survey finds its credibility has actually improved.

U.S. Treasury Secretary Scott Bessent said the Federal Reserve's vital independence on monetary policy is threatened by its "mandate creep" into non-policy areas and he called on the U.S. central bank to conduct an exhaustive review of those operations.

"It's very important that we maintain our independence with respect to monetary policy," Michelle Bowman, vice chair for supervision at the Federal Reserve, said on Tuesday during a broadcast interview.

The U.S. economy is mostly in good shape but that isn’t saving Federal Reserve chair Jerome Powell from a spell of angst.