ARLINGTON, Virginia (Reuters) -U.S. Treasury Secretary Scott Bessent said on Monday the Federal Reserve is and should be independent but said it had "made a lot of mistakes" and defended President Donald Trump's right to fire Fed Governor Lisa Cook over allegations of mortgage fraud.

Trump has criticised the Fed and its chair, Jerome Powell, for months for not lowering interest rates, and recently took aim at Powell over a costly renovation of the bank's Washington headquarters.

"The Fed should be independent. The Fed is independent, but I, I also think that they've made a lot of mistakes," Bessent told Reuters in an interview at a diner in suburban Washington.