Trump Slams Federal Reserve Chair

President Donald Trump is ramping up his criticism of Federal Reserve Chair Jerome Powell, calling him a “dummy” and claiming he would do a “much better job” running the Federal Reserve himself. Knewz.com has learned that the President’s fierce attacks on the Federal Reserve Chair followed his repeated requests to the U.S. central bank to lower interest rates.

According to reports, President Trump believes that higher rates are holding back the American economy and that lower interest rates are crucial in offsetting potential economic fallout from his sweeping tariff proposals. Although Trump had himself appointed Powell as the Federal Reserve Chair in 2017, he has since spent years criticizing the Fed over interest rates and what he believes to be Powell’s “political bias.” Trump said in a statement to reporters at the White House, “We have a stupid person, frankly, at the Fed… I call him ‘Too Late’ Powell, because he’s always too late.” Trump also floated the idea of appointing himself to lead the U.S. central bank, saying, “Maybe I should go to the Fed… Am I allowed to appoint myself at the Fed? I’d do a much better job than these people.”

Trump later took to Truth Social to share a news link claiming that both the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation called for Powell to step down if he does not lower short-term rates. “Too Late—Powell is the WORST. A real dummy, who’s costing America $Billions!” Trump wrote. In a follow-up post, President Trump ranted about the Federal Reserve Chair, calling him “one of the dumbest, and most destructive, people in Government.” The President posted on his Truth Social platform, “‘Too Late’ Jerome Powell is costing our Country Hundreds of Billions of Dollars. He is truly one of the dumbest, and most destructive, people in Government, and the Fed Board is complicit. Europe has had 10 cuts, we have had none. We should be 2.5 Points lower, and save $BILLIONS on all of Biden‘s Short Term Debt. We have LOW inflation! TOO LATE’s an American Disgrace!”

Despite the pressure from President Trump, Powell has maintained the central bank’s benchmark interest rate at 4.25% to 4.5% for three consecutive policy meetings. The Fed’s decision not to budge is largely due to concerns about the looming impact of tariffs on inflation and growth, and the economic uncertainty amid ongoing trade conflicts between the U.S. and its partners, including China. President Trump also suggested in another lengthy Truth Social post that the Board should “override this Total and Complete Moron!” Wrote the former reality star, “I don’t know why the Board doesn’t override this Total and Complete Moron! Maybe, just maybe, I’ll have to change my mind about firing him? But regardless, his Term ends shortly! … I fully understand that my strong criticism of him makes it more difficult for him to do what he should be doing, lowering Rates, but I’ve tried it all different ways. I’ve been nice, I’ve been neutral, and I’ve been nasty, and nice and neutral didn’t work! He’s a dumb guy, and an obvious Trump Hater, who should have never been there.” Despite his repeated threats of firing Powell, the Supreme Court ruled the president does not have the authority to do so, and Trump has since dialed back on those threats. Federal Reserve Chair Powell’s term ends in May 2026.

It is worth noting that Fed Governor Chris Waller, who is reportedly being considered as a possible Trump pick to be Powell’s successor, initially said in a statement that interest rate cuts should be considered as soon as July, given the fact that inflation is reportedly coming down and the labor market is weakening. However, Waller joined the latest unanimous Fed decision to leave interest rates on hold, thus showing no intention by any of Powell’s six fellow Board members — or of the five voting regional Fed bank presidents — to “override” the Federal Reserve Chair’s decision. According to reports, the Federal Reserve also predicted slower growth as well as higher unemployment and inflation by the end of this year. Notably, Powell has responded to Trump’s statements after the Federal Open Market Committee kept rates in the target range between 4.25% and 4.5%, saying, “The economy has been resilient and part of that is our stance. … That is what matters to us, pretty much that’s all that matters to us.”

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