‘Grossly Incompetent. He Should Be Fired': US President Trump Escalates Attack On Fed Chair Powell

US President Donald Trump has intensified his criticism on Federal Reserve Chair Jerome Powell, calling him 'grossly incompetent' and expressing a desire to fire him, during a speech at a US-Saudi investment forum in Washington.

Speaking at the U.S.-Saudi Investment Forum 2025, Trump attributed falling mortgage rates to market forces rather than Fed actions, saying, "The mortgage rates are down despite the Fed", before going on to direct his attack on Powell.

Trump pointed towards Treasury Secretary Scott Bessent, urging him to 'work on this guy'.

"There's something wrong with him. He has some mental problems. To be honest, I'd love to fire [him]. He should be fired, the guy's grossly incompetent," he said.

Trump also attacked Powell for spending $4 billion on a new Fed building, comparing it with his own contruction projects and implying that Fed may have spent more than what was necessary.

He went on to joke with Bessent, threatening to fire him if rates aren't lowered quickly, before praising Bessent as a "voice of reason."

Trump's remarks come as part of his latest attack on Powell, as tensions continue to mount between the US Fed and the President.

Although it was Trump who appointed Powell in 2018, he frequently criticsed him during his first term for raising interest rates sharply, which Trump argued hindered economic growth.

Powell's term as chair of US Fed expires in May 2026, and while presidents do have the power to remove Fed governors for cause, there is a certain legal ambiguity as to whether or not the power extends to the chair.

The Fed has cut its benchmark rate three times this year, most recently by a quarter point in November, bringing it to 3.75%-4%.