- Donald Trump, in a social-media post, said Fed chairman Jerome Powell should “resign immediately.” It was an escalation of his public complaints about Powell, who Trump believes is keeping interest rates high for no reason. Trump has previously called him a “stubborn mule.”
Donald Trump is once again escalating his war of words with Federal Reserve chairman Jerome Powell.
In a social media post Wednesday night, Trump invoked his favorite nickname for the Fed chief, writing “‘Too Late’ should resign immediately!!!”
The latest complaint about Powell comes following accusations by Federal Housing Finance Agency (FHFA) director Bill Pulte, who accused Powell of lying to lawmakers last week during his testimony to the Senate Banking Committee.
Senators asked about a renovation play of the Fed’s offices, which are alleged to cost $2.5 billion. Powell told the committee that some of the inclusions in that (such as a VIP dining room and a marble table) were part of an older plan and have since been abandoned. Pulte, however, says Powell gave senators “deceptive” testimony and should be dismissed from his role “for cause.”
Trump linked to Pulte’s accusations in his post.
Trump, who appointed Powell, has been attacking him repeatedly since the start of his second administration, loudly complaining that the Fed has not lowered interest rates. Powell, in his testimony last week, said the Fed would have done so by now were it not for the economic uncertainty brought on by Trump’s tariffs.
Trump has called Powell a “stubborn mule” and more and also has sent him a handwritten letter complaining about interest rates and even threatened to name a “shadow” Fed chairman who could undermine Powell for the remainder of his term.
The Supreme Court has indicated that Trump is not able to remove Powell from office. Powell’s term runs through May 2026.