US President Donald Trump stepped up his attacks on Federal Reserve Chairman Jerome Powell on Wednesday, accusing him of cutting interest rates too slowly. “I’ll be honest, I’d like to burn his ass,” Trump said at a Saudi-backed investment forum at the Kennedy Center in Washington.
Trump has long criticized Powell — whom he nominated during his first term — for keeping rates “too high,” an attitude he says slows economic growth.
Pressure on Finance Minister Bessent
At the event, Trump publicly urged Treasury Secretary Scott Bessent to speed up the search for Powell’s successor.
“You’ve got to work on him, Scott. The only thing Scott is blowing on is the Fed,” Trump told Bessent, who was in the audience. In another heated remark – delivered with a hint of humor – Trump added: “The rates are way too high, Scott, and if you don’t fix it fast, I’m going to burn your ass.”
Powell’s term as Fed chairman ends in May, while his term as governor runs through 2028.
A successor is expected before Christmas
Bessent, who is leading the selection process, told Fox News on Tuesday that Trump is prepared to meet with the three finalists after Thanksgiving, with the new Fed chair likely to be announced before Christmas.
Trump said his administration was considering “great names,” though he again acknowledged that Bessent had declined to be considered for the role.
Trump reiterated at the forum that Bessent “doesn’t want the job” despite the president’s repeated praise.
Powell pushes back
Trump has frequently accused Powell of incompetence and mismanagement, including claims that the Fed’s renovation project is running billions over budget. Powell denies the allegations, saying Trump is falsely including the cost of a separate central bank office completed five years ago.
Kevin Hassett, White House economic adviser
Kevin Warsh, former Fed governor
Christopher Waller, current Fed Governor
Michelle Bowman, Fed Vice Chair for Supervision
Rick Rieder, CEO of BlackRock
