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.

Treasury Secretary Scott Bessent offered support for Jerome Powell amid regular attacks from Trump administration officials, saying he sees no reason for the Federal Reserve chair to step down.

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.

Trump World was roiled momentarily Tuesday after a fake resignation letter purportedly penned by Federal Reserve Chair Jerome Powell started to make the rounds of high-profile MAGA social media

U.S. Fed Chair Jerome Powell spoke of a need to maintain a "safe, sound and efficient" U.S. banking system while Treasury Secretary Scott Bessent called Powell "good public servant" suggesting he finish his term.

There have been no indications from Powell that he plans to step down despite a barrage of criticism from the Trump administration.

As recently as last week, President Trump was considering firing Powell, but later told reporters it was “highly unlikely” he would do so.

Republican U.S. Representative Anna Paulina Luna made good on her threat last week to refer Federal Reserve Chairman Jerome Powell to the Justice Department, Fox News reported on Monday, amid U.S. President Donald Trump's ongoing complaints about the Fed chair.