WASHINGTON (Reuters) -U.S. Treasury Secretary Scott Bessent on Monday said the entire Federal Reserve needed to be examined as an institution and whether it had been successful.

Bessent, speaking with CNBC, declined to comment on a report that he had advised President Donald Trump not to fire Fed chair Jerome Powell, saying it would be the president's decision.

But he said the institution should be reviewed, citing what he called the Fed's "fear-mongering over tariffs" and noting that there had been little, if any, inflationary effect thus far.