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Trump Says Powell Is Costing the US a Fortune by Not Lowering Rates. But Firing the Fed Chair May Not Fix the Issue
UNITED STATES, JUL 18 – Treasury Secretary Scott Bessent warned firing Fed Chair Jerome Powell could destabilize markets and legal precedents, as Trump blames Powell for high interest rates hurting the housing market.
- President Donald Trump criticized Jerome Powell and the Federal Reserve board for failing to reduce interest rates, claiming this has cost the United States hundreds of billions in unnecessary expenses.
- Trump's criticism follows years of rising interest rates after pandemic lows and recent record federal interest payments nearing $1 trillion this fiscal year.
- Trump posted a handwritten note on Truth Social urging Powell to significantly cut rates and called him one of his worst appointments.
- Experts caution that cutting rates may not reduce long-term interest costs and recommend deficit-reducing policies instead of rate cuts to lower debt burdens.
- Speculation exists that Trump might try to fire Powell, but legal authority and effectiveness of that action remain uncertain amid ongoing monetary policy challenges.
35 Articles
35 Articles
Trump seizes on Fed renovations as potential cause for Powell ouster
President Trump has seized on the Federal Reserve’s multibillion-dollar makeover as a possible avenue for finally ousting its politically independent chair, Jerome Powell. Trump has for months criticized Powell over the Fed’s refusal to cut interest rates, a decision partially rooted in uncertainty surrounding the president’s tariffs. Trump has expressed his desire to remove Powell,…
In Trump's home state of Florida, people are eager for low interest rates – but market turmoil is also making Americans anxious about saving. "You still see construction cranes everywhere here in Florida, so it remains a good investment."
A disaster for working Americans: Trump’s attacks on Fed chair Jerome Powell risk tanking the dollar
Donald Trump’s attacks on Federal Reserve Chair Jerome Powell threaten far more than one man’s job—they endanger the entire U.S. and global economy. The Fed was intentionally designed to operate independently of political pressure, with a core mission to stabilize prices and support employment. Undermining that independence for the sake of one man’s political agenda won’t just spark academic debate—it will raise your mortgage, inflate your groce…
Bessent Made Case to Trump Against Firing Fed Chair
“Treasury Secretary Scott Bessent in recent days privately laid out his case to President Trump for why he believed Trump shouldn’t try to oust Federal Reserve Chair Jerome Powell,” the Wall Street Journal reports. “Bessent’s reasons for avoiding a messy dispute over Powell’s final 10 months as Fed chair focused on a few themes: the possible effects on the economy and markets, the prospect that the Fed is already moving toward cutting interest r…
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