Trump Threatens to Fire Powell and Bessent Over Fed Rates

President Donald Trump sharply criticized Federal Reserve Chair Jerome Powell during a speech at the U.S.-Saudi Investment Forum in Washington, D.C., on Wednesday, expressing a desire to fire him and warning Treasury Secretary Scott Bessent that he could face the same fate if he fails to expedite Powell's replacement.

Speaking to an audience that included Bessent, Trump accused Powell of incompetence for maintaining what he described as excessively high interest rates, which he said are hindering economic growth. "I'll be honest, I'd love to fire his ass," Trump said. "He should be fired. Guy's grossly incompetent." Trump, who nominated Powell to the position in 2017 during his first term, has repeatedly voiced frustration with the Fed chair since returning to office, including claims that Powell suffers from "real mental problems" and has mismanaged a headquarters renovation project, inflating its costs to around $4 billion.

The remarks came amid ongoing public pressure from Trump for the Federal Reserve to lower rates more aggressively. The Fed did reduce its benchmark rate by a quarter percentage point in both September and October, but Trump argued these cuts were...