US President Donald Trump on Wednesday intensified his criticism of Federal Reserve Chair Jerome Powell, blasting him for not cutting interest rates fast enough and saying, "I'll be honest, I'd love to fire his ass."
Speaking at a Saudi Arabia–backed investment forum in Washington, Donald Trump pressed Treasury Secretary Scott Bessent, who is overseeing the search for the next Fed chair, to hasten the replacement process before Jerome Powell’s term ends in May. His term as Fed governor runs until 2028.
“Mortgage rates are down despite the Fed. Scott Bessent, you gotta work on this guy... There's something wrong with him... I'll be honest, I'd love to fire his ass. He should be fired, the guy's grossly incompetent,” Trump said.
Urging Bessent to ramp up efforts, Trump added: "You've got to work on him, Scott. The only thing Scott's blowing it on is the Fed."
He continued: "The rates are too high, Scott, and if you don't get it fixed fast, I'm going to fire your ass," a remark that appeared to be delivered in jest.
The next Fed chair is expected to be appointed to a 14-year term beginning February 1, replacing Stephen Miran, who is currently on unpaid leave from his role at the White House Council of Economic Advisers.
Bessent, who is overseeing the shortlist, recently said Trump is expected to meet the three finalists after Thanksgiving, on November 27, with a final decision likely before Christmas.
Trump has repeatedly praised Bessent’s work and has openly said he would prefer the Treasury secretary to take the Fed chair job, though Bessent has declined, saying he wants to stay at Treasury and the IRS.
Trump also told reporters Tuesday that his administration has “great names” under consideration for the central bank’s top job, while again berating Powell, whom he originally nominated during his first term.
Trump has long hammered Powell for what he sees as poor leadership of the central bank and has even questioned the cost of a Federal Reserve renovation project, which he claims is running billions over budget. Powell has rejected that accusation, saying Trump is including costs from a separate building completed five years ago.
Bessent has identified five finalists for the role: White House economic adviser Kevin Hassett, former Fed Governor Kevin Warsh, current Fed Governor Christopher Waller, Fed Vice Chair for Supervision Michelle Bowman, and BlackRock executive Rick Rieder.
*With Agency Inputs
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