President Trump on Friday floated the possibility of firing Federal Reserve Chair Jerome Powell as part of his latest round of intense criticism of the leader of the central bank over its decision not to lower interest rates.
Trump, in a lengthy post on Truth Social, railed against Powell, labeling him a “numbskull,” “a dumb guy,” “and an obvious Trump Hater.” Trump appointed Powell to the post in 2017.
“I fully understand that my strong criticism of him makes it more difficult for him to do what he should be doing, lowering Rates, but I’ve tried it all different ways,” Trump posted. “I’ve been nice, I’ve been neutral, and I’ve been nasty, and nice and neutral didn’t work!”
The post included a graphic showing how the United States’s central bank rate compared to other nations.
“I don’t know why the Board doesn’t override this Total and Complete Moron!” Trump added. “Maybe, just maybe, I’ll have to change my mind about firing him? But regardless, his Term ends shortly!”
Powell’s term ends in 2026. He said last November he would not step down if Trump asked and that it is “not permitted under the law” for the president to fire or demote him or any of the other Fed governors with leadership positions.
Trump in April said he had no intention of firing Powell, though he has in recent days ratcheted up his criticism amid frustration over the Fed’s handling of interest rates.
Fed officials kicked off the year expecting to continue cutting interest rates as inflation drifted back toward its ideal annual level of 2 percent. But the bank has held off through the first half of 2025 amid the uncertainty driven by Trump’s tariff plans.
Powell reiterated his call for patience Wednesday, after the Fed kept rates steady once again.
