Treasury Secretary Scott Bessent reportedly made clear on Wednesday that President Donald J. Trump has no intention of removing Federal Reserve Chairman Jerome Powell before his term ends in May 2026, pushing back on media speculation that the president might seek to oust him early.
In an appearance on MSNBC’s Morning Joe, Bessent responded directly to a pointed question from host Jonathan Lemire, who suggested that Trump’s repeated criticisms of Powell have destabilized financial markets. “Should the president just simply say, I’m going to let the Fed chair finish his term?” Lemire asked, suggesting that such a statement would “supply a degree of comfort and stability.”
Bessent didn’t take the bait. “Well, I’m not sure where that question comes from,” he said, noting that Trump “has repeatedly said he’s not going to fire Chair Powell. He might like for him to resign, but he’s not going to fire him. He’s said that on numerous occasions.”
President Trump, never one to shy away from expressing his unfiltered views, has been forthright in his dissatisfaction with Powell’s stewardship of the nation’s central bank. Since assuming office, Trump has routinely lambasted Powell for what he sees as a stubborn refusal to cut interest rates and for acting as an obstacle to the administration’s ambitious economic agenda.
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Speaking to reporters at the White House on Tuesday, Trump again criticized Powell, this time labeling him a “numbskull” and making clear that, in his view, the end of Powell’s term can’t come soon enough. “He’s going to be out pretty soon anyway,” Trump said. “Eight months, he’ll be out.”
Still, the president tempered speculation that he would move to oust Powell before then. “I think he’s done a bad job,” Trump admitted. “But he’s going to be out pretty soon anyway.”
Trump’s frustration with the Fed is not new. As inflation surged and markets responded to uncertain monetary policy, many conservatives have pointed to Powell’s rate hikes as unnecessarily aggressive, slowing down what had been a roaring Trump-era economy.
The president’s criticisms have consistently echoed a broader concern within the business community: that the Fed under Powell has been too slow to respond to shifting economic conditions, and too insulated from the consequences of its decisions.
While the mainstream press has sounded alarm bells about Trump’s remarks, suggesting they might unsettle Wall Street, markets appear to be taking the president’s comments in stride.
Analysts note that Trump has been consistent in his disdain for Powell’s leadership but equally consistent in his refusal to take formal steps to remove him—showing, perhaps, a degree of restraint and deference to institutional norms that his critics often overlook.
With Powell’s term nearing its end, and Trump likely eyeing a replacement more aligned with his pro-growth vision, the Federal Reserve may soon undergo a transformation. But for now, Bessent’s message was clear: Powell stays—for now.
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