Former President Donald Trump has launched a scathing attack on Federal Reserve Chairman Jerome Powell, demanding his resignation and accusing him of inflicting significant economic harm on the United States.
In a sharp post on Truth Social, Trump wrote:
> “Too late Powell is the WORST. A real dummy, who’s costing America billions!”
The former president’s criticism revolves around Powell’s monetary policy decisions, especially the Federal Reserve’s interest rate management, which Trump believes have severely undermined economic growth and investor confidence. Trump further emphasized that Powell should either "cut rates or quit," referencing the Fed’s stance on inflation and borrowing costs.
This is not the first time Trump has attacked Powell. During his presidency, Trump often criticized the Fed for not lowering interest rates quickly enough, arguing that tighter monetary policy was impeding America’s economic momentum. However, this latest outburst stands out due to the extremely personal tone and the timing amid growing market concerns over inflation and recession risks.
Powell, who was appointed by Trump in 2017 and later re-nominated by President Joe Biden, has maintained a relatively independent stance throughout his tenure. The Fed’s primary mandate is to ensure maximum employment and price stability, which sometimes requires raising rates to combat inflation a move Trump views as economically damaging.
Economic and Political Context
Trump’s remarks come as the Federal Reserve continues to grapple with the aftershocks of the COVID-19 pandemic, including persistent inflation and market volatility. Under Powell’s leadership, the Fed executed an aggressive series of rate hikes to tame inflation that reached four-decade highs in 2022. While this policy appears to be bearing some fruit, it has also triggered fears of slowing growth and increased borrowing costs for consumers and businesses.
Critics argue that Trump’s public attacks on the Fed could erode institutional credibility and politicize monetary policy an area traditionally kept independent from executive pressure. However, his supporters maintain that Powell’s decisions deserve scrutiny, especially considering the economic strain experienced by ordinary Americans.
Will Powell Resign?
Despite Trump’s provocative demand, there is no indication that Powell intends to step down. The Fed Chair has continued to emphasize data-driven decision-making and long-term stability over short-term political pressures.
As of June 2025, Powell remains in office, and the Federal Reserve has signaled a cautious approach, potentially pausing further rate hikes depending on inflationary trends.
Conclusion
Trump’s fiery critique of Jerome Powell reignites a longstanding feud between political leadership and the Federal Reserve’s independence. Whether this latest wave of attacks will influence monetary policy is uncertain — but it is clear that Powell continues to be a controversial figure in U.S. economic discourse.
Source:
- Truth Social Post by Donald J. Trump (Screenshot) (as seen in the post by cryptowaveid)
- Federal Reserve official website
- National Mortgage News