President Donald Trump Slams Federal Reserve and Chair Jerome Powell
President Donald Trump launched a scathing attack on Federal Reserve Chair Jerome Powell and the central bank, blaming them for “failing to stop the problem they created with Inflation” and doing a “terrible job on Bank Regulation.” The president’s remarks came just two hours after the Fed decided to maintain its current interest rate, marking the first rate decision of his term.
Trump, who appointed Powell as Fed chair in 2018, has increasingly criticized the central bank’s actions, questioning the longstanding tradition of Fed independence and saying he believes the president should have a say in interest rate decisions. The president has also announced that he would not reappoint Powell when his current term ends in 2026.
Powell and Treasury Secretary Scott Bessent have both stressed the importance of the Fed’s independence from outside influence. Trump, however, believes that the Treasury under Bessent will “lead the effort to cut unnecessary Regulation” and “unleash lending for all American people and businesses.”
The president also accused the Fed of prioritizing progressive ideals such as climate change, diversity, equity, and inclusion efforts over its main mandate of inflation control. He claimed that if the Fed had focused less on these issues and more on the economy, the country would not be experiencing its current high levels of inflation.