Trump slams Powell as ‘incompete’, says shortlist ready for Fed successor

US President Donald Trump renewed his criticism of Federal Reserve Chairman Jerome Powell, describing him as “bad” and “incompetent,” and signaling plans to replace him within months.

Speaking at a dinner with business leaders in Tokyo on Tuesday, Oct. 28, Trump said, “We have an incompetent head of the Fed… we got a bad Fed guy, but he will be out of there in a few months, and we will get somebody new.”

Trump revealed that he had wanted Scott Bessent to lead the US central bank, though the Treasury Secretary opposed the idea. “He’s doing a great job, and he wants to do what he’s doing, so just take him off. He does not want it. He would. He likes being Treasury Secretary.”

The president added that there is “a long list” of candidates being vetted to succeed Powell. His remarks came a day after Bessent said the final shortlist of nominees had been narrowed to five names.

Trump’s renewed criticism of Powell came as the Federal Open Market Committee began its two-day meeting, expected to conclude Wednesday with a 25 basis point rate cut.