PULSE POINTS
WHAT HAPPENED: President Donald J. Trump criticized Federal Reserve Chairman Jerome Powell for not lowering interest rates more quickly and suggested replacing him.
WHO WAS INVOLVED: President Trump, Jerome Powell, and Treasury Secretary Scott Bessent.
WHEN & WHERE: Wednesday, at a Saudi Arabia-backed investment forum held at the Kennedy Center in Washington, D.C.
KEY QUOTE: “I’ll be honest, I’d love to fire his ass.” – Donald Trump
IMPACT: Trump is accelerating the search for a new Federal Reserve chairman, with finalists expected to meet him after Thanksgiving.
IN FULL
U.S. President Donald J. Trump on Wednesday renewed his criticism of Federal Reserve Chairman Jerome Powell, accusing him of not lowering interest rates quickly enough. Speaking at a Saudi Arabia-backed investment forum at the Kennedy Center in Washington, Trump expressed frustration with Powell’s policies.
“I’ll be honest, I’d love to fire his ass,” Trump said, adding that he has instructed Treasury Secretary Scott Bessent to expedite the search for Powell’s replacement. Bessent, who was present at the event, has been tasked with identifying a successor for the Federal Reserve chairman.
Trump directed a pointed remark at Bessent during his speech, saying, “The rates are too high, Scott, and if you don’t get it fixed fast, I’m going to fire your ass,” though the comment was made in jest. Trump has frequently voiced dissatisfaction with Powell’s handling of interest rates.
Concerningly, the Federal Reserve’s Federal Open Market Committee (FOMC) appears to be deeply divided on whether to cut rates again in December, despite market consensus having settled on the need for additional rate cuts. The odds of a rate cut have precipitously fallen for next month, adding to already mounting fears that the market is struggling with liquidity.
Bessent, leading the search for a new Federal Reserve chairman, recently said Trump is expected to meet with three finalists for the position after Thanksgiving. A decision is anticipated before Christmas, according to Bessent.
While Trump has praised Bessent’s performance as Treasury Secretary, he has also suggested that Bessent would be his preferred choice for the Federal Reserve role. However, Bessent has reportedly expressed a desire to remain focused on his current responsibilities at the Treasury and the Internal Revenue Service (IRS).
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