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.

Donald Trump has been bullying Federal Reserve Chair Jerome Powell—calling him “too late,” insulting his intelligence, and trying to gin up a case that Powell spent too much on renovations of the agency’s headquarters as a pretext for firing him.

"With a striking of the pen," the Federal Reserve can save the federal government at least $1T in interest rate payments, President Donald Trump said on Tuesday, repeating one of his beefs with Fed Chair Jerome Powell for holding rates unchanged since the start of the year.