President Trump has intensified his public criticism of Federal Reserve Chair Jerome Powell, calling for his immediate resignation in a dramatic escalation of their ongoing battle over U.S. interest rates.
Trump, through a post on Truth Social, declared that Powell “should resign immediately,” referring to him by the nickname “Too Late” in reference to his perceived delay in cutting interest rates. He framed the demand as overdue, accusing Powell of costing the U.S. “a fortune” by keeping rates higher than those of other nations, despite there being “no inflation.”
This strike followed a recent call by the director of the Federal Housing Finance Agency, Bill Pulte, urging Congress to investigate Powell over alleged “deceptive” testimony regarding projected costs of renovating the Fed’s Washington headquarters. Pulte accused Powell of misleading senators and claimed responsibility for misleading statements constituted grounds for removal “for cause.”
Trump also issued a hand-written letter to Powell, claiming that American taxpayers were losing billions due to the Fed’s rate policy. He emphasized that benchmark rates should be slashed and expressed frustration with what he sees as unnecessary delays in monetary support—urging Powell to take the blame.
Powell has defended the Fed’s caution, citing consistent inflation concerns and external factors like tariff-related impacts on price stability. He maintains that interest rate decisions will remain rooted in data, not political influence.
With input from Fox Business.
