WASHINGTON (Reuters) -There is no need for U.S. Federal Reserve Chair Jerome Powell to immediately step down, Treasury Secretary Scott Bessent said on Tuesday, adding that the Fed chief's legacy should be to right-size the central bank's non-monetary policy functions.

Bessent's comments in an interview on Fox Business Network come a day after he called on the U.S. central bank to conduct an exhaustive review of non-policy areas of operations.