(MENAFN- Live Mint) US President Donald Trump on Wednesday intensified his attacks on Federal Reserve Chair Jerome Powell, accusing him of moving too slowly on interest rate cuts.“I'll be honest, I'd love to fire his ass,” Trump said while speaking at a Saudi Arabia-backed investment forum at the Kennedy Center in Washington.

Trump has long criticised Powell-whom he nominated during his first term-for keeping rates“too high,” a stance he says is slowing economic momentum.

Pressure on Treasury Secretary Bessent

At the event, Trump publicly urged Treasury Secretary Scott Bessent to expedite the search for Powell's successor.

“You've got to work on him, Scott. The only thing Scott's blowing it on is the Fed,” Trump told Bessent, who was in the audience. In another pointed remark-delivered with a hint of humour-Trump added:“The rates are too high, Scott, and if you don't get it fixed fast, I'm going to fire your ass.”

Powell's term as Fed chair ends in May, while his term as governor runs until 2028.

Successor expected before Christmas

Bessent, who is leading the selection process, told Fox News on Tuesday that Trump is set to meet the three finalists after Thanksgiving, with a new Fed chair likely to be announced before Christmas.

Trump said his administration has“great names” under consideration, though he again acknowledged Bessent has declined to be considered for the role.

Trump reiterated at the forum that Bessent“does not want the job” despite the president's repeated praise for him.

Powell pushes back

Trump has frequently accused Powell of incompetence and mismanagement, including claiming that the Fed's renovation project is billions over budget. Powell rejects those allegations, saying Trump is falsely including costs from a separate central bank office completed five years ago.

Five finalists

Bessent has identified five finalists for the Fed's top post:

Kevin Hassett, White House economic adviser

Kevin Warsh, former Fed governor

Christopher Waller, current Fed governor

Michelle Bowman, Fed vice chair for supervision

Rick Rieder, BlackRock executive

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