Trump Drops Bombshell Threats on Fed Chairman and Treasury Secretary in Fiery Speech
In a fiery tirade Wednesday, former President Donald Trump threatened to remove two top U.S. officials over high interest rates. At the Saudi Investment Forum at the Kennedy Center, Trump slammed Federal Reserve Chairman Jerome Powell and Treasury Secretary Scott Bessent.
Powell was appointed by Trump in his first term, and Trump called him “grossly incompetent” and suggested firing him. Scott, work on him. There’s something wrong with him and his mental health. I want to fire his ass. Trump directly addressed Bessent and said, “He should be fired,” to laughter.
He persisted in pressuring Bessent, citing high Federal Reserve interest rates. “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 going to fire your ass,” Trump said in his usual confrontational tone. The comment was humorous, but Trump’s threat is unclear.
During the speech, Trump recounted a conversation with Bessent in which he wanted Powell out. Trump claimed that Bessent advised him not to fire him. Sir, don’t fire him. Don’t fire him—three months left.” Trump reiterated, “I wanna get him out!” He also noted that Commerce Secretary Howard Lutnick supports firing Powell, suggesting that some in his former administration shared his frustration.
Trump has repeatedly blamed Powell for slowing economic growth with higher interest rates. In public forums, he has advocated for lower rates despite Powell’s efforts to balance inflation and economic stability.
In September and October, the Federal Reserve cut interest rates to 3.75–4%. Market observers noted that further cuts are uncertain. The Fed’s October minutes showed division over additional reductions, making the future unclear. December’s Federal Reserve meeting should bring the next policy decision.
Trump’s speech emphasizes his commitment to monetary policy and his willingness to publicly challenge financial system leaders. Analysts say his dramatic remarks reflect broader political messaging ahead of election cycles, criticizing current and former administrations’ economic management.
Sources:
Federal Reserve official statements
Remarks at Saudi Investment Forum, Kennedy Center
Associated Press reports on Federal Reserve meetings
Treasury Department records
