Former Trump economic adviser Steve Moore unpacks calls for Fed Chair Jerome Powell to resign amid tension with President Donald Trump on ‘Making Money.’
President Donald Trump declared that he hopes lawmakers work over Fed chair Jerome Powell on Tuesday.
The Federal Reserve System board of governors chair is slated to testify before the House Financial Services Committee on Tuesday morning.
In an early Tuesday morning Truth Social post, Trump, who has been vociferously critical of Powell, once again targeted the Fed chair.
FRUSTRATED TRUMP SUGGESTS ‘MAYBE’ HE WILL NEED TO CHANGE HIS ‘MIND ABOUT FIRING’ FED CHAIR JEROME POWELL
Left: President Donald Trump; Right: Fed Chair Jerome Powell (Left: BRENDAN SMIALOWSKI/AFP via Getty Images; Right: Win McNamee/Getty Images)
“‘Too Late’ Jerome Powell, of the Fed, will be in Congress today in order to explain, among other things, why he is refusing to lower the Rate. Europe has had 10 cuts, we have had ZERO. No inflation, great economy – We should be at least two to three points lower. Would save the USA 800 Billion Dollars Per Year, plus. What a difference this would make. If things later change to the negative, increase the Rate,” Trump declared in the post.
“I hope Congress really works this very dumb, hardheaded person, over. We will be paying for his incompetence for many years to come. THE BOARD SHOULD ACTIVATE. MAKE AMERICA GREAT AGAIN!” the president added in his post.
The European Central Bank cut four times in 2024 and four more so far in 2025, while the Fed, which cut three times last year, has not yet cut rates this year.
Trump has been hammering Powell while stridently calling for rate cuts.
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But despite Trump’s demands, the Federal Open Market Committee again kept the target range for the federal funds rate the same last week.
“He’s a dumb guy, and an obvious Trump Hater, who should have never been there, I listened to someone that I shouldn’t have listened to, and Biden shouldn’t have reappointed him,” Trump declared in part of a Truth Social post last week. “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!”
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Federal Reserve Chairman Jerome Powell speaks after the central bank’s June interest rate decision.
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Powell’s term as chair is not slated to end until mid-May.
“His new term as Chair ends on May 15, 2026, and his term as a member of the Board ends on January 31, 2028,” according to a 2022 press release.