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.

Federal Reserve Chair Jerome Powell is facing pressure from all sides as the Fed’s banking regulation conference kicks off this week. President Trump has been threatening to fire Powell while

The letter surfaced as President Donald Trump has bludgeoned the Federal Reserve chairman Powell with criticism over his refusal to cut interest rates.

The Federal Reserve held a first-of-its-kind conference Tuesday to meet the banks they help regulate. The event was the creation of the Fed’s new top regulatory official, Michelle Bowman, and her stated goal is more transparency.

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.

Treasuries were on course to snap a four-day rally as investors look to a speech by Federal Reserve Chair Jerome Powell later Tuesday amid mounting pressure on him from the US administration to step down.