President Donald Trump launched a scathing attack Thursday on Federal Reserve Chair Jerome Powell, declaring that “his termination cannot come fast enough” following Powell’s dire assessment of Trump’s escalating trade and tariff policies.
Trump’s criticism, posted on his social media platform early Thursday morning, came in response to Powell’s comments at the Economic Club of Chicago on Wednesday, where the Fed Chair warned that Trump’s sweeping new tariffs pose a significant threat to U.S. economic stability.
“Jerome Powell of the Fed, who is always TOO LATE AND WRONG, yesterday issued a report which was another, and typical, complete ‘mess!’” Trump wrote, doubling down on a narrative he has often repeated about the Fed’s perceived sluggishness.
Powell’s speech painted a stark picture of a U.S. economy entering unfamiliar territory, marked by rising inflation, slowing growth, and the potential onset of stagflation—a toxic combination not seen in decades. He cited Trump’s tariff regime as “significantly larger than anticipated,” saying it has introduced “very fundamental policy changes unlike anything seen in modern history.”
The comments by Powell were in line with those of other Fed officials who have warned in recent weeks that the tariffs could increase both inflation and unemployment. Prominent investors, including billionaire Ray Dalio, have echoed those concerns, with some even suggesting the U.S. may already be teetering on the edge of recession.
Trump, who first appointed Powell as Fed chair in 2018, has had a contentious relationship with him since their early days, often pressuring the central bank to adopt looser monetary policy. Powell was reappointed in 2021 by President Joe Biden, and his current term runs through May 2026.
While the Fed operates independently from the White House, Trump’s comments are once again raising alarms about political interference in central banking, especially as the U.S. navigates volatile markets and the effects of global trade disruption.
Powell has not responded to Trump’s remarks.