Trump Criticizes Federal Reserve Chairman Powell
On Wednesday, President Trump expressed strong discontent with Federal Reserve Chairman Jerome Powell, suggesting he has “mental issues” and that he “wants to fire him,” though he claims Treasury Secretary Scott Bessent is stopping him from doing so.
During the U.S.-Saudi Investment Forum held at the Kennedy Center in Washington, D.C., Trump made the audience chuckle as he urged Bessent to “tackle this guy,” even playfully alluding to the possibility of Bessent losing his job.
“Powell has some real mental issues. Something’s definitely wrong with him. Honestly, I’d like to fire him,” Trump vented, describing Powell as “completely incompetent.”
Turning to Bessent with a grin, Trump added, “Scott, you have to work on him.” He expressed his concern that the Federal Reserve’s high interest rates need addressing. “If you don’t fix this soon, I’m going to fire your ass, okay?” he said.
Trump is reportedly urging Bessent not to dismiss Powell before his term ends in May 2026. “Doctor, please don’t fire him. Doctor, please don’t fire him. He’s got three months left,” Trump mimicked Bessent in a humorous, pleading tone, saying, “Please, he’s the voice of reason.”
This isn’t the first time Trump has criticized Powell, whom he appointed in 2018. The president has repeatedly labeled the Fed chairman as “stupid” and “hard-headed,” particularly in light of Powell’s calls for more aggressive interest rate cuts.
Recently, the Federal Reserve lowered interest rates by a quarter of a percentage point in September, marking its first cut since December, followed by another cut in October. Despite these reductions, hopes for an additional cut in December seem to be dwindling, as some Fed officials recommend a more cautious path forward.
In his Wednesday speech, Trump also targeted the Fed’s $2.5 billion renovation project for its headquarters. “They should be sued for spending $4 billion to build a small building. I’m building a ballroom bigger than all of them combined for a fraction of that cost,” he criticized.
Trump clarified that the $300 million for the White House Ballroom would come from private donors, including major tech companies like Amazon, Meta, and Apple, as well as MAGA supporters like the Winklevoss twins.
Earlier this year, Trump had voiced objections to the Fed’s renovation costs, claiming they were excessively high. However, after a visit to a construction site in July, he seemed to ease his stance, stating he had no plans to fire Powell at that point.
