WSJ reports that Treasury Secretary Scott Bessent has consolidated power at the department while clashing with staff and overseeing unusually high turnover.

More than a dozen current and former officials described him as demanding and quick-tempered, with several senior officials leaving after disputes with him. Seven Senate-confirmed Treasury officials had departed by the end of August, far more than under recent administrations.

At the same time, Bessent is under pressure over unmet economic goals. His “3-3-3” plan has fallen short: growth is around 2%, the deficit remains above 6% of GDP, oil production has risen by less than 1 million barrels a day, and U.S. debt has passed $40 trillion.

Rising Treasury yields have also pushed borrowing costs higher, while Bessent is leading the administration’s economic pressure campaign against Iran.

Despite criticism from Wall Street and inside Treasury, Trump has drawn Bessent closer, speaks with him almost daily and increasingly relies on him to manage economic policy.

Source: WSJ