U.S. Federal Reserve Chair Jerome Powell is a "numbskull" who has kept interest rates too high, but he will be out in eight months, President Donald Trump said at a news conference on Tuesday.

President Donald Trump has escalated his pressure campaign against Federal Reserve Chair Jerome Powell, leaving the door open to ousting him for “fraud,” he said last week. That raises questions about what would happen if Trump actually tires to fire the central bank leader.

Treasury Secretary Scott Bessent told the president that ousting Jerome Powell entailed risks, including possible effects on the economy and potential legal and political obstacles.