The seeming battle of wills between President Donald Trump and Federal Reserve Chairman Jerome Powell continues to escalate, as the Fed chair repeatedly refuses to cut interest rates, while being highly vocal about his distaste for the Trump tariffs. Sen. Bernie Moreno (R-OH) has noted that Powell has somehow found his voice in this administration, while he remained curiously silent during the Biden-Harris administration, despite ballooning inflation and the economic fallout and small business closures due to the COVID shutdowns. Like Trump, Moreno has gone on the record to call for Powell’s resignation.
Federal Housing Finance Administration (FHFA) Director Bill Pulte says Powell has lied about the details of the $2.5 billion renovation to the Federal Reserve building and is calling for an investigation over it, as well as Powell’s political bias and deceptive testimony before the Senate. According to reports, this whiff of malfeasance would be grounds for Trump to fire Powell, but the president is insistent on seeing him resign.
Despite rumors swirling that Powell is mulling resignation, from all appearances, he is in for the long haul. But “Art of the Troll” Trump has kept the pressure on “Too Late” Powell, using his words and persuasion tactics to erode the Fed chair’s reputation and confidence.
After his return from the FIFA Club World Cup in New Jersey, Trump continued the campaign, telling reporters on the tarmac at Joint Base Andrews that Powell has been “very bad for the country.”
I think that if Jerome Powell stepped down, it would be a great thing, I don’t know if he’s going to, but he should.
Jerome Powell has been very bad for our country. We should have the lowest interest rate on earth, and we don’t. He just refuses to do it, and yet he’s spending 2.5 billion dollars rebuilding the Fed, the Federal Reserve building. And I don’t know what he knows about building, but you talk about cost overruns.
So, we got this approved, and he started the work during the Biden administration, and he doesn’t look like the kind of a guy, frankly that wants to spend 2.5 billion dollars. And it’s very interesting, becaause out of 71 economists, one person–me–and then one other person. I think from Wharton got it right, and the other ones were wrong. In terms of the success of our country this quickly. We have no inflation. We have cash pouring in. It was me, and somebody else. Then, I can tell you, I don’t need 5,000 people working for me behind the scenes like Jerome Powell to tell him what he should say once a month, because they got it wrong. The Fed got it wrong. I call him “Too Late.” He’s always too late.
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