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.

A fake resignation letter generated by AI fooled Utah Senator Mike Lee into thinking that Jerome Powell, chair of the Federal Reserve, had quit on Tuesday. The senator tweeted and deleted the fake letter from his personal “basedmikelee” account, which staffers have confirmed that Lee operates directly.

El-Erian, president of Queens’ College at Cambridge University, said he was aware that his view did not align with the Wall Street consensus.

Besieged Federal Reserve Chairman Jerome Powell should resign, Mohamed El-Erian, former Pimco CEO and current president of Queen’s College at Cambridge, tweeted on Tuesday, becoming one of the first mainstream market commentators to do so.

"What we need to do is examine the entire Federal Reserve institution and whether they have been successful," Bessent told CNBC's Squawk Box.

HUD Secretary Scott Turner criticizes Fed Chair Jerome Powell for spending billions on renovations while Americans struggle with high mortgage rates amid a housing crisis.

President Trump and his top aides have criticized Jerome H. Powell, the Fed chair, for his management of both the economy and a $2.5 billion revamp of the central bank’s headquarters.

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.