US President Donald Trump said at a press conference on Tuesday that US Federal Reserve Chairman Jerome Powell was a "fool" who kept interest rates too high, but that he would be leaving in eight months anyway, Reuters reported.
"I think he did a bad job, but he's going to leave soon anyway. He's leaving in eight months," Trump said at a meeting at the White House with Philippine President Ferdinand Marcos Jr.
Powell's term as Federal Reserve chairman runs until May 15, and he has repeatedly said he will not leave office early. Eight months from now expire in mid-March, so it was not immediately clear why Trump cited that timeframe.
Trump has been sharply criticizing Powell for months for not lowering interest rates, and has often mentioned the possibility of replacing him, although he has also claimed that it is "unlikely" that he will fire him.
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He reiterated today that the interest rate should be three percentage points lower than the current level.
The Federal Reserve's Open Market Committee meets next week and is almost unanimously expected to keep interest rates at their current range of 4,25% to 4,50%, while policymakers wait to see how inflation and employment react to the tariffs.
"Our economy is so strong right now, it's going through all the hoops. We're breaking records. But you know what? People can't buy a house because this guy is a moron. He keeps rates too high, probably for political reasons," Trump said.
Treasury Secretary Scott Besant, who attended the same meeting, directed criticism at the Fed for its non-monetary activities, again calling for a major internal investigation.
White House officials have been raising questions lately about the $2,5 billion renovation of two Federal Reserve facilities in Washington, which they consider to be inappropriately lavish.
"The Fed has significantly expanded its scope, and that's where a lot of spending goes. That's why they're building these new buildings or renovating existing ones, and I think they should stick to their jurisdiction," Besent said
The Fed responds that the buildings had serious safety and functional deficiencies that needed to be addressed.
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