US President Donald Trump on Tuesday escalated his attacks on Federal Reserve Chair Jerome Powell, labelling him a “numbskull” and predicting his departure in eight months, even though Powell’s term officially ends in May 2026.
“I think he’s done a bad job, but he’s going to be out pretty soon anyway. In eight months, he’ll be out,” Trump declared during a press conference at the White House alongside Philippine President Ferdinand Marcos Jr.
The comments mark the latest in a long-running feud with the central bank chief, whom Trump blames for stifling economic growth by keeping interest rates too high, reports Reuters.
“Our economy is so strong now, blowing through everything. We’re setting records,” Trump said. “But you know what? People aren’t able to buy a house because this guy is a numbskull. He keeps the rates too high, and is probably doing it for political reasons.”
Despite pressure from the White House, Powell has made clear he intends to serve out his term and has resisted calls to preemptively lower rates. The Fed’s next policy meeting is expected to leave the benchmark rate steady at 4.25%-4.50%, as officials monitor the effects of tariffs and economic data, Reuters reported.
Trump has repeatedly floated the idea of removing Powell, though he has also said such a move would be “unlikely.” Meanwhile, his administration has stepped up scrutiny of the central bank, including a probe into building renovations that officials have described as excessively lavish.
Treasury Secretary Scott Bessent echoed the president’s criticism, calling for “a big internal investigation” into what he termed the Fed’s “mission creep.” “The Fed has had big mission creep, and that’s where a lot of the spending is going,” Bessent said. “They have got to stay in their lane.”
– Ends
With inputs from Reuters
Tune In