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During the U.S.-Saudi Arabia Investment Forum in Washington, Trump criticized Powell, albeit indirectly, while addressing Treasury Secretary Scott Bessent. The President remarked that Powell "needs to work on" his approach, highlighting his discontent with the current state of mortgage rates.
Trump's critique of Powell was pointed and unambiguous. "Mortgage rates are down despite the Fed. I mean, Scott, you got to work on this guy. He’s got some real mental problems. No, he has something wrong with him," Trump asserted. He further emphasized his frustration by stating, "I’ll be honest, I’d love to fire his ass. He should be fired. Guy’s grossly incompetent."
November 20, 2025
According to Breitbart, the Federal Reserve's decision to reduce interest rates by a quarter percent in both September and October followed persistent pressure from Trump, who had previously dubbed Powell "Too Late." The publication's Economics Editor, John Carney, pointed out that the Federal Reserve's apprehension regarding Trump's tariffs was misguided.
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Citing a historical analysis from the San Francisco Federal Reserve Bank, Carney noted that significant tariff increases historically correlate with economic outcomes akin to a decline in demand, contrary to the Fed's expectations in 2025.
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Trump's criticism extended beyond interest rates to include cost overruns at the Federal Reserve. He suggested that Powell should be held accountable for these financial discrepancies, referencing his visit to Powell's domain over the summer.
The President highlighted the escalation of a construction project's cost, initially estimated at $1.9 billion in 2021, which surged to $3.1 billion and, as of Wednesday, reached $4 billion. "I’m building a ballroom that’s going to cost a tiny fraction of that, and it’s bigger than the whole thing put together," Trump remarked, underscoring his disapproval of the Fed's fiscal management.
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The President's remarks reflect a broader conservative critique of the Federal Reserve's policies and leadership, emphasizing the need for fiscal responsibility and efficient economic management. As the nation grapples with economic challenges, Trump's comments underscore the importance of aligning monetary policy with the principles of limited government and free-market economics.
