Overview
- Speaking at the U.S.–Saudi Investment Forum, Trump called Jerome Powell “grossly incompetent,” said he has “real mental problems,” and declared he would “love to fire his ass.”
- Trump told Treasury Secretary Scott Bessent to “work on” Powell to lower rates and, with a smile, threatened to fire Bessent if it doesn’t happen, while acknowledging Bessent has urged him to let Powell finish his term in May 2026.
- The president said he “already” knows his choice for the next Fed chair, as the White House continues talks with candidates.
- Bessent is leading the search from a shortlist that includes Fed Governors Christopher Waller and Michelle Bowman, former Governor Kevin Warsh, White House economic adviser Kevin Hassett, and BlackRock executive Rick Rieder; Bessent has said he does not want the job.
- Bessent outlined the timeline: another interview round after Thanksgiving, presidential meetings with three finalists in mid‑December, and a hoped‑for announcement before Christmas, with legal limits on removing a sitting Fed chair and the Fed’s rate cuts now at a 3.75%–4% target range.