Continuing his tirade against Federal Reserve Chair Jerome Powell, US President Donald Trump again flagged the issue of the central bank not lowering interest rates “more quickly.”
The Republican, speaking at a Saudi Arabia-backed investment forum in Washington, also urged Treasury Secretary Scott Bessent to accelerate the hunt for a successor for Jerome Powell, whose term as Fed chair ends in May 2026. His term as Fed governor ends in 2028.
“You’ve got to work on him, Scott. The only thing Scott’s blowing it on is the Fed. The rates are too high, Scott, and if you don’t get it fixed fast, I’m going to fire your a**,” Donald Trump said about Bessent, who was in the audience for the event at the Kennedy Centre in Washington.
The next chair is likely to be named to a 14-year Fed governor term that begins February 1. The term that expires then is now held by Stephen Miran, who is on unpaid leave from his role as head of the White House Council of Economic Advisers.
Bessent, who is leading the search for a new Fed chair, recently told Fox News that Donald Trump is slated to meet the three finalists for the job after Thanksgiving, November 27, with a new pick likely to be announced before Christmas. Bessent has named five finalists: 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.
Donald Trump has repeatedly praised Bessent’s work and has said the US Treasury secretary would be his pick for the Fed chair job, although Bessent has told him he would rather remain at his current role, overseeing both the Treasury and Internal Revenue Service (IRS).
Trump, during one of his media interactions, reiterated that Bessent did not want the job and continued to berate Jerome Powell, whom he nominated for the job during his first term.
The US President has hammered Jerome Powell since before taking office in January about his Fed leadership, describing him as incompetent and questioning his handling of a Fed renovation project that he says is billions of dollars over budget.
Jerome Powell rejected that claim, arguing that Trump is adding the renovation cost for another central bank office that was completed five years ago.