When asked about Federal Reserve Chairman Powell, Trump said, 'He's a stupid person, a stubborn mule.'. Trump said he believes the Federal Reserve should set interest rates at 1%. He also stated that he would not consider anyone who supports keeping interest rates unchanged as the chairman of the Federal Reserve. Whoever takes office will cut interest rates. "Regarding Powell's successor:" I will appoint someone who wants to cut interest rates Powell's due date is May 2026.