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close video Powell is trying not to let the bond market get too far ahead of the Federal Reserve, expert says

KPMG chief economist Diane Swonk discusses the Federal Reserve’s response to inflation on ‘The Claman Countdown.’

Federal Reserve Chair Jerome Powell will serve out the remainder of his first term in charge of the U.S. Central Bank, according to President-elect Trump's pick for Treasury secretary.

Hedge fund manager Scott Bessent told CNBC that he is "in complete agreement" with Trump "that Jay Powell will serve out his term." Bessent spoke to the outlet after meeting with Sen. Mike Crapo, R-Idaho, as he visits with senators ahead of his confirmation hearing to be the next head of the Treasury Department.

Bessent's comments affirm what Trump himself said in an interview with NBC's Kristen Welker on Sunday. Though he has criticized Powell for keeping interest rates high — a move the Fed argues is needed to keep inflation in check — Trump said he has no plans to attempt to fire Powell or pressure him to resign once he returns to office in January.

TRUMP SAYS HE WON'T FIRE FED CHAIR JEROME POWELL

Federal Reserve Board Chairman Jerome Powell speaks during a news conference after a Federal Open Market Committee meeting in Washington, D.C., on Jan. 29, 2020. (Samuel Corum/Getty Images / Getty Images)

"No, I don't think so," Trump told Welker after she asked whether he would fire the Federal Reserve chairman. "I don't see it. But I don't— I think if I told him to, he would. But if I asked him to, he probably wouldn't. But if I told him to, he would."

Bessent, who is CEO for Key Square Group LP, has also voiced criticism of Powell, but unlike Trump, has argued Powell should have kept interest rates higher to stave off inflation.

FED PRESIDENT SAYS NEXT MOVE LIKELY TO LOWER RATES, BUT TIMING UNCERTAIN

Scott Bessent, founder and CEO of Key Square Group LP, appears during an interview in Washington, D.C., on June 7. (Stefani Reynolds/Bloomberg via Getty Images / Getty Images)

"If only Powell had refrained from signaling rate cuts in December and stuck to the "higher for longer" script, the economy could have slowed sufficiently to allow actual rate cuts in the coming months," Bessent wrote in a May op-ed for FOX Business. "Undoubtedly, the Fed will still be under tremendous political pressure to do so ahead of the November election, but rate cuts are likely off the table indefinitely with inflation so high."

TRUMP NOMINATES SCOTT BESSENT AS TREASURY SECRETARY; PICKS RUSS VOUGHT TO LEAD BUDGET OFFICE

President-elect Trump has said he will not attempt to fire Federal Reserve Chair Jerome Powell once he takes office in January. (Joe Raedle/Getty Images / Getty Images)

Powell's current term in office is set to expire in 2026. Trump appointed Powell to a four-year term overseeing the Fed in 2018, and President Biden reappointed him to another term in 2022. 

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Powell has indicated that Trump does not have the legal authority to force him out of office early and has said he would not resign if asked to do so.

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Ohtani’s blast caps 6-run 9th in wild Dodgers rally

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Ohtani's blast caps 6-run 9th in wild Dodgers rally

PHOENIX — Shohei Ohtani hit a three-run homer to cap a six-run ninth inning and the Los Angeles Dodgers rallied for a wild 14-11 victory over the Arizona Diamondbacks on Friday night.

The Dodgers trailed 11-8 entering the ninth inning after blowing an early five-run lead.

Andy Pages and Enrique Hernandez hit consecutive run-scoring doubles to open the ninth inning against Kevin Ginkel (0-1). Max Muncy tied it at 11-11 with a run-scoring single and Ryan Thompson replaced Ginkel to face Ohtani.

It didn’t go well for Arizona.

Ohtani, who doubled twice, fell into a 1-2 hole before launching his 12th homer near the pool deck in right to put the Dodgers up 14-11. He finished with four RBIs.

Tanner Scott worked a perfect ninth save in 11 chances.

The Dodgers roughed up Eduardo Rodriguez to take an 8-3 lead through three innings, but couldn’t hold it.

Lourdes Gurriel Jr. hit a tying grand slam in the fifth inning, then Ketel Marte and Randal Grichuk hit solo shots off Alex Vesia (1-0) in the eighth to put Arizona up 11-8.

Pages finished with three RBIs and Hernández extended the Dodgers’ homer streak to 13 straight games with a solo shot in the second inning.

Marte homered twice for the Diamondbacks. Rodriguez allowed eight runs on nine hits in 2⅔ innings.

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Marchand’s OT score cuts Panthers’ deficit to 2-1

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Marchand's OT score cuts Panthers' deficit to 2-1

SUNRISE, Fla. — Brad Marchand scored on a deflected shot at 15:27 of overtime and the Florida Panthers beat the Toronto Maple Leafs 5-4 on Friday night to cut their deficit in the Eastern Conference semifinal series to 2-1.

Aleksander Barkov, Sam Reinhart, Carter Verhaeghe and Jonah Gadjovich scored for Florida, which got 27 saves from Sergei Bobrovsky. Evan Rodrigues had two assists for the Panthers. They 13-2 in their last 15 playoff overtime games.

John Tavares scored twice, and Matthew Knies and Morgan Rielly also scored for the Maple Leafs. Joseph Woll stopped 32 shots.

Game 4 will be in Sunrise on Sunday night.

Florida erased deficits of 2-0 and 3-1, and that’s been almost impossible to do against Toronto this season.

By the numbers, it was all looking good for the Maple Leafs.

  • They were 30-3-0 when leading after the first period, including playoffs, the second-best record in the league.

  • They were 38-8-2, the league’s third-best record when scoring first.

  • They had blown only 11 leads all season, none in the playoffs.

  • They were 44-3-1 in games where they led by two goals or more.

Combine all that with Toronto having won all 11 of its previous best-of-seven series when taking a 2-0 lead at home, Florida being 0-5 in series where it dropped both Games 1 and 2, and leaguewide, teams facing 0-2 deficits come back to win those series only about 14% of the time.

But Marchand — a longtime Toronto playoff nemesis from his days in Boston — got the biggest goal of Florida’s season, rendering all those numbers moot for now.

The Leafs got two goals that deflected in off of Panthers defensemen: Tavares’ second goal nicked the glove of Gustav Forsling on its way past Bobrovsky for a 3-1 lead, and Rielly’s goal redirected off Seth Jones’ leg to tie it with 9:04 left in the third.

Knies scored 23 seconds into the game, the second time Toronto had a 1-0 lead in the first minute of this series. Tavares made it 2-0 at 5:57 and just like that, the Panthers were in trouble.

A diving Barkov threw the puck at the night and saw it carom in off a Toronto stick to get Florida on the board — only for Tavares to score again early in the second for a 3-1 Leafs lead.

Florida needed a break. It came.

Reinhart was credited with a goal after Woll thought he covered up the puck following a scrum in front of the net. But after review, it was determined the puck had crossed the line. Florida had life, the building was loud again and about a minute later, Verhaeghe tied it at 3-3.

Gadjovich made it 4-3 late in the second, before Rielly tied it midway through the third.

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Vegas’ Roy dodges suspension for G2 cross-check

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Vegas' Roy dodges suspension for G2 cross-check

NEW YORK — Vegas Golden Knights forward Nicolas Roy was fined but not suspended Friday for cross-checking the Edmonton OilersTrent Frederic in the face in overtime of Game 2 of the teams’ second-round playoff series.

The NHL Department of Player Safety announced the fine of $7,813, the maximum allowed under the collective bargaining agreement, after a disciplinary hearing with him.

Roy attempted to play the puck while it was airborne but made contact with Frederic’s head instead, resulting in a laceration for the Oilers forward.

Frederic briefly exited the game before making a quick return to the ice. Edmonton, however, failed to capitalize on the ensuing five-minute power play but won not long after on a goal by Leon Draisaitl from Connor McDavid.

Vegas trails the best-of-seven series 2-0 with Game 3 on Saturday night at Edmonton.

Information from The Associated Press and Field Level Media was used in this report.

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