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 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.

Trump World was roiled momentarily Tuesday after a fake resignation letter purportedly penned by Federal Reserve Chair Jerome Powell started to make the rounds of high-profile MAGA social media

Erian on Tuesday called for Federal Reserve Chair Jerome Powell to voluntarily relinquish his position to ensure the central bank's independence. He's one of the first prominent economic voices to publicly take such a position.

There have been no indications from Powell that he plans to step down despite a barrage of criticism from the Trump administration.