President Donald Trump said on Tuesday that Federal Reserve Chair Jerome Powell will leave his post within the next eight months, describing the central bank chief as a "numbskull" who has kept interest rates excessively high. Powell’s statutory term runs through May 15, and he has previously insisted he will not step down early. Trump has repeatedly criticized the Fed chair and has floated the possibility of removing him, while also conceding that doing so would be unlikely. The president reiterated that the federal funds rate should be about three percentage points lower than its current 4.25%–4.50% target range. The Federal Open Market Committee meets next week and is widely expected to leave rates unchanged as policymakers monitor the impact of tariffs on inflation and employment. Treasury Secretary Scott Bessent, appearing alongside Trump and visiting Philippine President Ferdinand Marcos Jr., called for an investigation into the Federal Reserve’s non-monetary operations, including a $2.5 billion renovation of two Washington buildings that he said reflects “mission creep” at the central bank.