President Trump repeated his desire to force Federal Reserve chair Jerome Powell out, telling the U.S.-Saudi Investment Forum on Wednesday that "I'd love to fire his ass ... grossly incompetent."
Why it matters: The escalation of Trump's rhetoric against Powell comes just a day after the president said that he thinks he already knows who he will pick to be the next Fed chair.
What they're saying: Trump has previously said he could justify the Fed chair's removal for cause and that Powell should be "sued for spending $4 billion to build a little building," in reference to Fed headquarters renovations going over budget.
- A Fed spokesman declined to comment.
Treasury Secretary Scott Bessent is leading the search for the next Fed chair. The president, however, appeared critical, if teasing, of Bessent's efforts.
- "The only thing Scott's blowing it on is the Fed, because the Fed, the rates are too high," Trump said.
- "Scott, if you don't get it fixed fast, I'm going to fire your ass."
Zoom out: Trump has previously said that Bessent would be his choice for the top Fed job but that Bessent prefers to remain at Treasury.
- Bessent has acknowledged that five finalists are in consideration to lead the central bank.
- A decision is expected before the end of the year.
Editor's note: This story has been updated with the Fed's response.
