US President Donald Trump has said that Federal Reserve Chair Jerome Powell will leave his position in eight months and criticised him for keeping interest rates high, according to Reuters.Speaking at a news conference on Tuesday during a meeting with Philippine President Ferdinand Marcos Jr., Trump said, “I think he’s done a bad job, but he’s going to be out pretty soon anyway. In eight months, he’ll be out.”Powell’s official term runs until 15 May next year. Reuters noted it is unclear why Trump referred to an eight-month timeline, which would end in mid-March 2026. Powell has previously said he does not plan to leave his position early.Trump also repeated his criticism that interest rates are too high. “Our economy is so strong now, blowing through everything. We’re setting records,” he said. “But you know what? People aren’t able to buy a house because this guy is a numbskull. He keeps the rates too high, and is probably doing it for political reasons.”Trump said the Federal Reserve should lower the policy rate by 3 percentage points. The Fed’s current target range is 4.25 per cent to 4.50 per cent. The next Federal Open Market Committee meeting is due next week, and analysts widely expect no change to the rate as officials continue monitoring inflation and job figures.Also present at the White House meeting, Treasury Secretary Scott Bessent raised concerns about the Fed’s spending on infrastructure. He questioned the cost of a $2.5 billion renovation project at two Fed buildings in Washington.“The Fed has had big mission creep,” Bessent said. “That’s where a lot of the spending is going… they have got to stay in their lane.”Story continues below this adThe Federal Reserve has said the buildings had major safety and efficiency issues that required urgent upgrades.Stay updated with the latest - Click here to follow us on Instagram© IE Online Media Services Pvt LtdTags:donald trumpJerome Powell