No Holding Back This Time

President Donald Trump isn't just frustrated with Federal Reserve Chair Jerome Powell anymore—he's openly hostile. Speaking from the Oval Office on Tuesday alongside Saudi Arabia's Crown Prince Mohammed Bin Salman, Trump delivered what might be his harshest critique yet of the man he appointed to lead the nation's central bank back in 2018.

"I'd love to get the guy currently in there out right now, but people are holding me back," Trump said, making it crystal clear he wants Powell gone immediately. He didn't stop there, calling Powell "a fool" and "a stupid man" who has "done a terrible job."

The president's main grievance? Timing. Trump accused Powell of being perpetually behind the curve on interest rate decisions, earning him the nickname "Jerome too late Powell." According to Trump, Powell has damaged the housing market and mishandled monetary policy, though the president added that his administration's economic momentum has managed to overcome Powell's "interest rate stupidity."

Already Shopping for Replacements

Trump confirmed he's not just complaining—he's actively interviewing candidates for Powell's job. His first choice? Treasury Secretary Scott Bessent, who has apparently "refused" the position. That's a notable detail, considering Powell's term doesn't actually end until May 2026.

The president has been particularly vocal about wanting the Fed to cut interest rates more aggressively, pushing for benchmark rates to drop to "1% or 2%" from their current range of 3.75% to 4.00%. It's a stance he's maintained despite Powell already implementing rate cuts.

In fact, Trump recently posted a cartoon on Truth Social showing himself firing Powell with his famous "You're Fired" catchphrase—this despite the Fed having cut rates earlier that same month. The message was clear: no cut is fast enough or deep enough.

A Fed Takeover in the Works?

Economist Larry Kudlow, who served as Director of the National Economic Council during Trump's first term from 2018 to 2021, has predicted that Trump is "going to take the Fed over, as he should." Kudlow defended the potential move by arguing the Federal Reserve needs a complete overhaul—not just in monetary policy, but across its regulatory framework and staffing decisions.

According to Kudlow, the only way to achieve this kind of fundamental change is to bring in an outsider who can shake things up. Whether Trump can actually execute this vision remains to be seen, especially given the institutional constraints he alluded to when he said people are "holding him back" from removing Powell immediately.

For now, Powell remains in his position, but the president's public campaign against him shows no signs of letting up. And with 2026 approaching, the question isn't whether Trump will replace Powell—it's who he'll find willing to take the job.