Trump declines to say if Powell should resign but says he wants the Fed to cut interest rates to 1% in order to reduce mortgage rates. Reporter: Do you think that Fed Chair Jerome Powell should resign? Trump: I think he's doing a bad job, but he's going to be out pretty soon anyway. In eight months he'll be out. But he's, I call him 'Too late.' He's too late all the time. He should have lowered interest rates. Many times Europe lowered their rate, 10 times; we lowered ours, none. And it's causing a problem for people that want to buy a home. Look, our economy is so strong now. We're blowing through everything. We're setting records that you see that. And whether it's the Philippines or anything else, we're setting records at levels that nobody's ever seen before. But you know what? People aren't able to buy a house because this guy is a numbskull. He keeps the rates too high and probably doing it for political reasons. The only time I remember him cutting rates, I mean he cut the rates just before the election to try and help Kamala or whoever he was trying to help, he probably didn't know. And he's building a building. He's 2.7 billion. They have a 900 million overrun. What is that? And that was given by Biden. That was another Biden deal. And this guy's building this building that's severely overrun. And what does he need the building for? Why does he need space for more people? So they did a big study the other day and they called all of the great intellects and the great economists and all of the great everything. And it was 71 and only two got it right. Me and another gentleman that happens to be very smart, 69 people got it wrong. And the Fed got it wrong, more wrong than anybody. And he has these think tanks and they build buildings for people that think, and it's really not thinking. It's a little bit of combination of thinking, but it's something you sort of have or you don't have. The job he's done is just terrible. You got to raise interest rates. We should be at 1%. We should be leading the world instead. We're paying 4%. And if you look at what that means, that's over a trillion dollars in interest. So we have to pay that with the striking of a pen. We would be saving more than 1 trillion. Is that right, Scott? Bessent: Yes, sir. Trump: Do you have anything to say about it? Bessent: Yes, sir. I called yesterday and this morning for the Fed to do a big internal investigation to understand not their monetary policy, but everything else. The Fed has had big mission creep, and that's where a lot of the spending's going. That's why they're building these new—or refurbishing these buildings. And I think they got to stay in their lane. And I think that the, based on the way they cut rates last fall, they should be cutting rates now. Trump: It's inconceivable. I know the Fed very well that they can be spending 2.7 billion to build a building. They don't do anything. I mean, it's the greatest job. You show up one day, a half a day, you make a little speech. “The economy's doing well, the economy's not doing well, we're going to raise interest—” And he's got it wrong. That's why I call him too late, T-O-O, too late. And it's really too bad, but it is affecting people that want to buy houses and that shouldn't happen.(Nick Timiraos)