US treasury department demands retraction of story on increased oversight of Federal Reserve

The US Treasury Department demanded Friday that the Financial Times retract a story about Treasury Secretary Scott Bessent's views on Federal Reserve oversight, calling the article "manufactured" and containing "false claims" in a formal complaint escalated to the FT's parent company, Nikkei Inc. Treasury officials disputed multiple claims in the reporting and said the headline misrepresented the underlying reporting. The confrontation reflects tension between the Trump administration and financial media over coverage of policy positions, particularly around the politically sensitive issue of central bank independence. Tensions between the executive branch and the Federal Reserve have intensified during Trump's second term as the administration has signaled interest in greater oversight of Fed decisions. The demand for retraction underscores the administration's aggressive posture toward news organizations it views as misrepresenting its positions.