President Donald Trump criticized Federal Reserve Chair Jerome Powell on Tuesday, calling him a “numbskull” for keeping interest rates too high and claiming he will be out of the job in eight months.
“I don’t think he’s done a good job, but he’ll be gone soon—eight months,” Trump said during a White House meeting with Philippine President Ferdinand Marcos Jr.
Powell’s current term runs through May 15, and he has stated multiple times that he has no plans to leave early. Trump’s mention of “eight months”—which would be mid-March—did not align with Powell’s official end date, leaving it unclear why that time frame was suggested.
Trump has been openly critical of Powell for months, primarily over the Fed’s decision not to cut interest rates. Though Trump has hinted at removing Powell in the past, he’s also acknowledged that firing him is “unlikely.”
At the news conference, Trump again argued that interest rates should be about three percentage points lower, claiming that current levels are hurting average Americans. The Fed’s Federal Open Market Committee is scheduled to meet next week and is widely expected to maintain the current rate range of 4.25%–4.50%, as officials monitor inflation and employment in response to ongoing tariffs.
“Our economy is booming, we’re breaking records,” Trump said. “But people can’t afford homes because this guy keeps rates too high. I think he’s doing it for political reasons.”
Meanwhile, Treasury Secretary Scott Bessent criticized the Fed for straying beyond its traditional role, calling for a major internal review. His comments follow scrutiny from White House officials over a $2.5 billion renovation of two Federal Reserve buildings in Washington, which they described as excessively extravagant.
“The Fed has taken on too much beyond its mandate,” Bessent stated. “That’s why they’re spending billions on fancy building upgrades. They need to refocus.”
In response, the Federal Reserve has defended the renovations, saying the buildings had serious safety and efficiency issues that needed urgent attention.
