Donald Trump has attacked Federal Reserve chairman Jerome Powell, calling him a 'dummy' and saying he will be replaced in eight months, without clear explanation.

In a press conference, Trump criticized Powell's interest rate policy, accusing him of keeping rates too high, which hurts housing affordability. Although Powell's term ends in 2026, Trump is hinting at an imminent change. The Treasury secretary has criticized the Fed's internal spending, calling for an investigation into costly renovations. Trump's assertions underscore tensions between his administration and the central bank in the run-up to the upcoming presidential election.