Powell Is a 'Numbskull', He Will Be Out in 8 Months: Trump

US Federal Reserve chair Jerome Powell is a "numbskull" who has kept interest rates too high, but he will be out in eight months, President Donald Trump said at a news conference on July 22.

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"I think he's done a bad job, but he's going to be out pretty soon anyway. In eight months, he'll be out," he said from a meeting at the White House with Philippine President Ferdinand Marcos Jr.

Mr. Powell's term as Fed chair runs through May 15, 2026, and he has repeatedly said he will not leave the post early. Eight months would mean Mr. Powell would remain in place until mid-March; it was not immediately clear why Mr. Trump picked that time frame.

Mr. Trump has been hammering at Mr. Powell for months for not cutting rates and has frequently raised the possibility of ousting him, while also saying that firing him would be "unlikely."

Lately, the White House has intensified Mr. Trump's pressure campaign, launching a review of the Fed's renovation of two buildings in Washington which they say are inappropriately lavish and may not have followed planning protocols, charges that the Fed vigorously rejects. Treasury Secretary Scott Bessent on July 23 repeated his call for a "big internal investigation" of the Fed's non-monetary policy operations.