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.

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.

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

President Trump floated the idea of firing Jerome Powell — whom he first appointed Federal Reserve chair — earlier this week, after years of on-and-off criticism over interest rates.

On July 29-30, the Federal Open Market Committee will announce its interest rate policy. Read about the rumors that Fed Chair Powell will not likely address.