Trump on Fed Chair Powell: "I'd love to fire his ass"

President Trump repeated his desire to force Federal Reserve chair Jerome Powell out, telling the U.S.-Saudi Investment Forum on Wednesday that "I'd love to fire his ass ... grossly incompetent."Why it matters: The escalation of Trump's rhetoric against Powell comes just a day after the president said that he thinks he already knows who he will pick to be the next Fed chair.What they're saying: Trump has previously said he could justify the Fed chair's removal for cause and that Powell should be "sued for spending $4 billion to build a little building," in reference to Fed headquarters renovations going over budget.A Fed spokesman declined to comment.Treasury Secretary Scott Bessent is leading the search for the next Fed chair. The president, however, appeared critical, if teasing, of Bessent's efforts. "The only thing Scott's blowing it on is the Fed, because the Fed, the rates are too high," Trump said."Scott, if you don't get it fixed fast, I'm going to fire your ass."Zoom out: Trump has previously said that Bessent would be his choice for the top Fed job but that Bessent prefers to remain at Treasury. Bessent has acknowledged that five finalists are in consideration to lead the central bank. A decision is expected before the end of the year.Editor's note: This story has been updated with the Fed's response.

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