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Trump issues an ultimatum to Besant: If the interest rate cut fails, he will consider replacing the Treasury Secretary.
On November 20, Trump sarcastically remarked to Treasury Secretary Bencic during the Saudi Investment Forum while discussing Fed Chairman Powell, “I mean, Bencic, you 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 prosecuted for spending $4 billion to build a small building. Interest rates are too high, Bencic. If you don't solve this problem soon, I'll fire you, got it?” U.S. Treasury Secretary Bencic had previously advised Trump to let Powell serve out his term, while Commerce Secretary Howard Lutnick “leans more toward firing” Powell. Fed Chairman Powell's term will end on May 15, 2026.