President Donald Trump on Wednesday escalated his long-running feud with Federal Reserve Chair Jerome Powell—publicly musing about appointing himself to run the nation’s central bank.
“Maybe I should go to the Fed,” Trump mused at the White House on Wednesday, hours before the central bank was set to announce its latest interest rate move, according to The Hill.
“Am I allowed to appointment myself at the Fed,” he continued. “I’d do a much better job than these people.”
.@POTUS on negotiations with Iran: "Nothing is too late. The only thing too late is Powell." pic.twitter.com/g7x5b9u8Gw
— Rapid Response 47 (@RapidResponse47) June 18, 2025
The president’s remark—delivered just hours before the Fed’s Federal Open Market Committee was set to release its latest interest rate decision—sent a tremor through financial and political circles. Though legally implausible and economically incendiary, Trump’s suggestion reflects a deeper aim: tightening presidential control over an institution long shielded from partisan influence.
Behind the theatrics lies a coordinated effort. Sources close to Trump’s campaign say advisors have explored mechanisms for increasing White House oversight of the Fed’s monetary decisions, despite its statutory independence. Trump, ever skeptical of bureaucratic autonomy, appears determined to bring the Fed to heel.
His animus toward Powell is neither new nor veiled. Appointed by Trump in 2017 at the urging of then-Treasury Secretary Steven Mnuchin, Powell has drawn repeated rebukes from the president, who now calls him “Mr. Too-Late”—a jab at Powell’s timing in managing both inflation and rate adjustments. “I’d never have kept him on,” Trump said Tuesday. “I don’t know why Biden did.”
Powell, a Republican with prior service under President George H.W. Bush, has remained measured in the face of political pressure. In public statements, he has emphasized caution amid economic uncertainty, especially as Trump’s proposed tariffs cloud the Fed’s 2025 forecast. With inflation nearing the 2% target and the labor market strong, Powell said last month the Fed has the flexibility to “wait and assess” before altering rates.
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