Trump issues an "ultimatum" to Bessent: If interest rate cuts do not succeed, he will consider replacing the Treasury Secretary

Trump spoke with Treasury Secretary Basant at the Saudi Investment Forum about Federal Reserve Chairman Powell, sarcastically saying, "I mean, Basant, you really need to keep an eye on this guy. Powell definitely has some issues. No, there's definitely something wrong with him. Honestly, I really want to fire him. This guy is extremely incompetent, and he should be sued for spending $4 billion to build a small building. The interest rates are too high, Basant. If you don't solve this problem soon, I'm going to fire you, got it?"

Treasury Secretary Basant had previously advised Trump to let Powell serve out his term, while Commerce Secretary Howard Lutnick "leans more towards firing" Powell. Federal Reserve Chairman Powell's term will end on May 15, 2026.