President Donald Trump admitted on Wednesday that he’d love to fire Federal Reserve Chair Jerome Powell for not doing more to lower national interest rates. While speaking to the U.S. Saudi Investment Forum in Washington, D.C., Trump said, ″[I’ll] be honest, I’d love to fire his a**.”

Trump then said that gay Treasury Secretary Scott Bessent is preventing him from firing Powell, but then added that he’d fire Bessent if the matter doesn’t approve, CNBC reported. It’s unclear if Trump was serious.

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“The only thing Scott’s blowing it on is the Fed,” Trump said. “The rates are too high, Scott, and if you don’t get it fixed fast, I’m gonna fire your a**.” Bessent is reportedly assisting Trump with searching for Powell’s eventual replacement.

Trump on Jerome Powell: "I'd love to fire his ass. He should be fired. The only thing Scott [Bessent] is blowing it on is the Fed. The rates are too high, Scott. And if you don't get it fixed fast, I'm going to fire your ass." pic.twitter.com/s653VB3MI1

— Aaron Rupar (@atrupar) November 19, 2025

The Federal Reserve recently decided against cutting interest rates, despite the president’s wishes to lower borrowing costs, Politico reported. Members of the Federal Reserve reportedly worry that cutting interest rates would add to the risk of inflation amid rising prices and a gradually weakening labor market.