Former President Donald Trump delivered pointed criticism of Federal Reserve Chair Jerome Powell during his remarks at the Saudi Investment Forum on November 19, 2025. Trump suggested that Powell should be dismissed due to persistently high interest rates, which he believes are detrimental to the economy. His comments come amidst discussions within the Federal Reserve about potential interest rate cuts in December.
Trump’s remarks were made in front of an audience at the Kennedy Center in Washington, where he expressed frustration with Powell’s management of the Federal Reserve. “Scott, you got to work on this guy. He’s got some real mental problems,” Trump said, referring to Powell’s leadership. He emphasized his desire to see Powell removed from his position, stating, “I’d love to fire his ass. He should be fired,” and described Powell as “grossly incompetent.”
The former president’s criticism reflects ongoing tensions between the White House and the Federal Reserve, particularly regarding monetary policy. Trump has a history of vocal discontent towards Powell, despite having nominated him for the position in his first term. This latest outburst included a recounting of a conversation he had with his adviser Scott Bessent, who urged him against firing Powell. Trump relayed, “Scott: ‘Sir, don’t fire him. Sir, please don’t fire him. He’s got three months to go, don’t fire him.’ I wanna get him out!”
In recent months, Trump has consistently blamed Powell for the high interest rates that have persisted despite recent cuts. The Federal Reserve lowered rates in September and October to a range of 3.75 percent to 4 percent, yet divisions among Fed officials have emerged regarding further cuts. According to minutes from the October meeting, not all officials are in favor of another rate cut in December, which raises questions about the future direction of monetary policy.
The Federal Reserve is scheduled to announce any decisions from its upcoming meeting on December 10. As the economy faces challenges, including high inflation and uncertain job growth, the stakes are significant. Trump has voiced a clear expectation for the Fed to act swiftly, stating, “If you don’t get it fixed fast, I’m going to fire your ass,” to laughter from the audience.
While Trump’s criticisms have gained attention, the Federal Reserve’s approach to interest rates remains complex. With members divided over the economic outlook, the central bank’s decisions will be closely monitored in the coming weeks. The ongoing debate over monetary policy underscores the delicate balance the Federal Reserve must maintain amid pressures from both political figures and economic realities.