""The only thing Scott's 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," Trump said at the U.S.-Saudi Investment Forum at the Kennedy Center in Washington. The remarks came as Trump stood before an audience of business leaders and Saudi Crown Prince Mohammed bin Salman, with Bessent visibly smiling at the president's comments."
"The threat appeared partly in jest, but it underscored mounting frustration within the White House over interest rates that remain elevated despite recent Federal Reserve rate cuts. The Fed lowered its benchmark rate by a quarter percentage point in October to a target range of 3.75% to 4%, the second consecutive cut after initiating easing in September. However, Trump has repeatedly pressed for more aggressive reductions to lower borrowing costs for mortgages, car loans, and business financing."
"The president called Powell "grossly incompetent" and criticized him for budget overruns on renovations to Federal Reserve headquarters, which Trump said would cost $4 billion-though estimates peg the project at $2.5 billion. During his remarks, Trump disclosed for the first time that Bessent has been advocating for Powell to remain in his position until his term as chair expires in May 2026."
President Trump warned Treasury Secretary Scott Bessent that he could be fired if he fails to persuade the Federal Reserve to lower interest rates. The warning occurred at the U.S.-Saudi Investment Forum with business leaders and Saudi Crown Prince Mohammed bin Salman present. The White House frustration centers on rates that remain elevated despite two recent Fed cuts. The Fed reduced its benchmark rate by a quarter point in October to 3.75–4% after a September cut. Trump escalated attacks on Fed Chair Jerome Powell, criticized renovation cost estimates, and revealed Bessent urged Powell to stay until May 2026.
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