President Donald J. Trump launched a scathing rebuke of Federal Reserve Chairman Jerome Powell on Thursday, accusing him of once again failing America’s working class and openly calling for his immediate removal.
In a fiery post on TRUTH Social, Trump denounced Powell for hinting at further delays in interest rate cuts, a move the former president claims will needlessly punish everyday Americans while global counterparts, like the European Central Bank (ECB), continue to ease policy.
“The ECB is expected to cut interest rates for the 7th time, and yet, ‘Too Late’ Jerome Powell… yesterday issued a report which was another, and typical, complete ‘mess’! Oil prices are down, groceries (even eggs!) are down, and the USA is getting RICH ON TARIFFS… Powell’s termination cannot come fast enough!” Trump wrote.
A Pattern of Failures, Trump Says
Trump’s criticism of Powell isn’t new, but the intensity of this latest attack signals a renewed urgency as the 2024 economy takes center stage. The former president referenced Powell’s decision in 2018 to hike interest rates despite a booming economy—moves that, according to Trump, reversed historic gains and devastated American retirement accounts.
On October 3, 2018, the Dow hit an all-time high under Trump’s economic agenda. But shortly thereafter, Powell’s hawkish remarks about continued rate hikes spooked markets, erasing over $5 trillion in wealth. Trump supporters dubbed it the “Powell Crash,” noting that its economic impact was even greater than the post-9/11 downturn.
“Over $5 trillion in wealth disappeared, 401(k)s were crushed, and the momentum of the strongest U.S. economy in decades was stalled. Powell was to blame,” one Trump economic adviser said anonymously.
A Call for Termination
Trump is now calling for Powell’s termination outright, labeling him a “dangerous lunatic” and accusing him of undermining the American economy at key moments during his presidency. The former president also suggested Powell’s errors may not be merely incompetent—but potentially intentional.
Trump’s team has long argued that Powell’s policies disproportionately hurt middle- and working-class Americans, particularly in times of recovery and growth. While tariffs have brought revenue and reshaped trade relations, high interest rates threaten affordability in housing, investment, and credit access—key pillars of economic confidence.
Looking Ahead
As Trump continues to shape his 2025 economic platform, the future of the Federal Reserve—and its leadership—will remain a focal point. Should he win a second term, calls for Powell’s removal will almost certainly become policy.
“The American people need bold, decisive monetary leadership—not someone who waits until it’s too late, every time,” Trump’s statement concluded.
With inflation cooling, oil and food prices dropping, and tariff-generated revenue on the rise, Trump argues that Powell’s continued reluctance to act decisively proves he is, once again, on the wrong side of history.
