In a fiery post on Truth Social Thursday morning, President Donald J. Trump reportedly launched a blistering critique of Federal Reserve Chairman Jerome Powell, accusing the central bank chief of political bias, economic mismanagement, and a failure to act in the nation’s best interest.
“Jerome ‘Too Late’ Powell has done it again!!!” Trump wrote. “He is TOO LATE, and actually, TOO ANGRY, TOO STUPID, & TOO POLITICAL, to have the job of Fed Chair.”
Trump, never one to mince words, added: “He is costing our Country TRILLIONS OF DOLLARS, in addition to one of the most incompetent, or corrupt, renovations of a building(s) in the history of construction! Put another way, ‘Too Late’ is a TOTAL LOSER, and our Country is paying the price!”
The remarks came just one day after the Federal Reserve once again declined to cut interest rates, ignoring mounting signs of economic strain and the warnings of leading conservative economists who argue that sustained high rates are choking American growth and burdening working families.
Trump’s criticism also touched on a dispute over costly renovations to the Federal Reserve’s headquarters — a point of contention that came into sharp focus during a recent tour of the building with Powell.
The president has made clear he views the renovations as not only fiscally irresponsible but also emblematic of what he sees as deeper dysfunction at the Fed.
While Powell was originally appointed to the Fed chairmanship by Trump in 2018, the president has since turned sharply against him, especially after former President Biden reappointed Powell to a second term. “I was surprised he was appointed. I was surprised, frankly, that Biden put him in and extended him, but they did,” Trump said earlier this month.
Trump’s latest broadside against Powell underscores growing conservative frustration with the Federal Reserve’s approach to monetary policy — a strategy critics argue is hurting consumers and small businesses while doing little to tame structural inflation.
With the economy continuing to send mixed signals, pressure is mounting on Powell from both sides of the political aisle. But it is Trump, as usual, who is most willing to say out loud what many on the right are thinking.
As the midterm elections draw nearer, the battle over the Fed’s direction is poised to become another front in Trump’s larger campaign against what he calls the entrenched incompetence of Washington’s ruling class.
And Jerome Powell, in Trump’s view, has become the poster child for what’s gone wrong.
[READ MORE: Josh Hawley Comes Under Fire From Trump]
