President Donald Trump sharply criticized Federal Reserve Chair Jerome Powell during remarks at the U.S.-Saudi Investment Forum at the Kennedy Center in Washington, D.C., on Wednesday, saying Powell has “mental problems” and that he would like to remove him from his position, as reported by the New York Post.

Trump told the audience that Treasury Secretary Scott Bessent has urged him not to take that step before Powell’s term expires in May 2026.

“[Powell’s] got some real mental problems. There’s something wrong with him. I’ll be honest, I’d love to fire his ass,” Trump said. “He should be fired. Guy is grossly incompetent.” Turning to Bessent, Trump added, “You’ve got to work on him, Scott.”

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Trump then joked that Bessent could also face consequences if rates are not lowered quickly. “The only thing Scott is 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, okay?”

According to Trump, Bessent has repeatedly advised him not to dismiss Powell before his term concludes. Trump, imitating Bessent, recounted the conversations:

“‘Sir, don’t fire him. Sir, please don’t fire him. He’s got three months to go. Please, he’s a voice of reason.’”

President Trump says Powell is grossly incompetent, has mental problems and should be sued.

You can’t imagine what will happen if Jerome doesn’t slash the rate in December and ruins Trumps report card.

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This is not the first time Trump has criticized Powell, whom he appointed in 2018. Trump has previously called him “stupid,” “dumb,” and “hardheaded” while pressing the Federal Reserve to lower interest rates at a faster pace.

The Fed cut interest rates by a quarter-point in September, marking its first rate reduction since December. It cut rates another quarter-point in October.

However, expectations for an additional cut in December have weakened as several Fed officials have signaled a more cautious stance.

Trump also criticized the cost of the Federal Reserve’s headquarters renovation project during his appearance Wednesday.

“He should be sued for spending $4 billion to build a little building. I’m building a ballroom that’s gonna cost a tiny fraction of that and it’s bigger than the whole thing put together,” Trump said.

The president has said his planned $300 million White House ballroom will be funded by private donors, including major technology companies such as Amazon, Meta, and Apple, as well as donors including the Winklevoss twins.

Trump previously attacked the Fed renovation earlier this year, saying the project had gone far over budget. After visiting the construction site in July, he indicated he would not fire Powell at that time.

Powell’s term as Federal Reserve chair is set to end in May 2026.

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