US President Donald Trump delivers remarks at the US-Saudi Investment Forum at the John F. Kennedy Center for the Performing Arts in Washington, DC on November 19, 2025. (BRENDAN SMIALOWSKI/AFP via Getty Images)
President Donald Trump publicly mused on Wednesday about firing Treasury Secretary Scott Bessent over his defense of Fed Chair Jerome Powell.
The president has unloaded a near-daily onslaught of attacks against Powell for the past five months, arguing that the Fed has been too cautious in lowering interest rates and juicing economic growth. Trump on Wednesday again reiterated his desire to fire Powell and trashed him as "grossly incompetent."
Yet the president also acknowledged Bessent has been "the voice of reason" and counseled against taking the staggering move.
"The only thing Scott's blowing it on is the Fed," Trump said in a speech for a U.S.-Saudi investment gathering in Washington D.C. He added of Bessent: "If you don't get it fixed fast, I'm gonna fire your ass."
"You're very lucky you have him. I'll tell you that," Trump said.
A White House official said on condition of anonymity that the president and the administration "maintain immense confidence in Secretary Bessent," noting Bessent has been tasked to oversee the interview process for the next Fed chair. He's expected to present a shortlist that winnows it down from the current five candidates by Thanksgiving.
The president has veered between firing Powell and downplaying the possibility of doing so amid warnings of the chaos it could unleash in financial markets. The Fed has traditionally been independent of the executive branch and functions to keep maximum employment levels while balancing price stability. Bessent has no jurisdiction at the Fed, as Trump suggested.
Still, the comments, joking or not, serve as a glimpse of the private discussions among senior administration officials about Powell's fate at the Fed. His term is up in May, around six months from now.
Trump also hinted that Commerce Secretary Howard Lutnick would endorse firing Powell. "I think Howard would say 'get him the hell out of there,' anyway."
