On October 28, local time, the head of state reporter was informed that U.S. President Trump said that Federal Reserve Chairman Powell was "incapable" and said his term will end in May next year, when a new candidate will be replaced.

Trump said: ¡°We have an incompetent Fed chief, but he will leave in a few months and we will replace him.¡±

Powell's term as Chairman of the Federal Reserve will end in May 2026. Trump has repeatedly publicly called for the Federal Reserve to cut interest rates significantly and asked Powell to resign.