President Donald Trump intensified his criticism of Federal Reserve Chair Jerome Powell on Wednesday, once again demanding his resignation. Trump made the statement in a late-day post on Truth Social, declaring, “Too Late” should resign immediately!!! He attached a link to a Bloomberg article titled, “Fed Chair Should Be Investigated by Congress, FHSA Head Says.”
Although Powell was originally selected by Trump to lead the central bank during his presidency, he was reappointed to a second term by President Joe Biden. Powell’s current term is expected to conclude in May 2026.
Trump has recently stepped up his attacks on Powell, repeatedly blaming the Fed for keeping interest rates too high and claiming the central bank’s policies have harmed the U.S. economy. He’s been demanding rate cuts, despite Powell’s hesitation to shift policy.
Earlier this week, Trump criticized Powell and the Federal Reserve board more broadly, writing on Truth Social: “Jerome ‘Too Late’ Powell, and his entire Board, should be ashamed of themselves for allowing this to happen to the United States.”
He continued, “They have one of the easiest, yet most prestigious, jobs in America, and they have failed — and continue to do so.” Trump argued that if the Fed were properly managing monetary policy, the U.S. would be saving enormous sums. “If they were doing their job properly, our country would be saving trillions of dollars in interest cost. The board just sits there and watches, so they are equally to blame. We should be paying 1% interest, or better!”
That post came just before Trump signed a formal letter urging Powell to bring down interest rates, according to White House press secretary Karoline Leavitt, who confirmed the move on Monday.
In response to growing political pressure, Powell has indicated that the Fed’s reluctance to cut rates stems largely from inflationary concerns—particularly those related to trade policy. According to CBS News, Powell has expressed caution about lowering rates until the effects of Trump’s proposed tariffs on the economy become clearer. He is reportedly waiting to determine the long-term impact on consumer prices before making any major adjustments.
{Matzav.com}