President Donald Trump sharply criticized Federal Reserve Chair Jerome Powell on Wednesday, saying he would like to “fire his ass” over the central bank’s handling of interest rates.
Speaking at the U.S.-Saudi Investment Forum at the Kennedy Center, Trump told Treasury Secretary Scott Bessent to “work on this guy,” accusing Powell of having “some real mental problems” and calling him “grossly incompetent.” Trump appointed Powell to lead the Federal Reserve in 2018.
Trump also took a jab at Bessent, warning him—apparently jokingly—that he could be fired as well if interest rates are not lowered quickly.
Below is Trump’s full remark about Powell:
PRESIDENT DONALD TRUMP:
“Mortgage rates are down despite the fed. I mean, Scott, you’ve got to work on this guy. He’s got some real mental problems. There’s something wrong with him. Be honest. I would love to fire his ass. He should be fired. Guy is grossly incompetent. And he should be sued for spending $4 billion to build a little building. I’m building a ballroom that’s going to cost a tiny fraction of that and it’s bigger than the whole thing put together. You’ve got to work on him. The only thing — the only thing Scott is blowing it on is the Fed because the Fed. The rates are too high, Scott. And if you don’t get it fixed fast, I’m going to fire your ass, OK? I can’t tell you. Scott. ‘Sir, Don’t fire him. Sir, please don’t fire him. He’s got three months to go.’ ‘I want to get him out, Scott.’ ‘Please, he’s a voice of reason.’ You’re very lucky you have him, I’ll tell you that. Done a good job. I think Howard [Lutnick]’s a little bit more for firing him. Right, Howard? I think Howard would say, get him the hell out of there.”
Trump has repeatedly attacked Powell throughout his second term as the two have clashed over interest-rate policy. Powell cut rates last month following months of presidential pressure.
