President Donald Trump joked Wednesday about firing Treasury Secretary Scott Bessent if interest rates don’t go down, urging him to “get it fixed fast.”
Trump’s remarks, made during a speech at the U.S.-Saudi Investment Forum, came as he launched more criticism at Federal Reserve Chair Jerome Powell over the United States’ central bank not lowering interest rates to his liking, despite inflation threats posed by the president’s tariffs.
“You’ve got to work on him, Scott. The only thing Scott’s blowing it on is the Fed, because the Fed ― the rates are too high, Scott. And if you don’t get it fixed fast, I’m gonna fire your ass, OK?” Trump said to laughs from the crowd.
Bessent has no control over interest rates, as the Federal Reserve is a politically independent agency. And though the president lacks the legal authority to fire the Federal Reserve chair, he’s repeatedly called for Powell’s ouster.
“He’s got some real mental problems,” Trump complained about Powell at Wednesday’s forum. “There’s something wrong with him. I’ll be honest, I’d love to fire his ass. He should be fired. Guy’s grossly incompetent.”
