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Trump attacks Jerome Powell again and calls him a fool
Former U.S. President Donald Trump launched another scathing attack on Federal Reserve Chair Jerome Powell, calling him a "clueless fool," following the Federal Reserve’s unanimous decision to maintain interest rates at current levels despite growing economic uncertainty.
Posting on his social media platform, Truth Social, Trump wrote:
"Jerome Powell the very late is a fool, totally clueless. Other than that, I like him a lot! Oil and energy prices are way down, the cost of most goods (groceries and 'eggs') is down, there’s almost no inflation, and tariff money is pouring into the U.S.!"
Fed Holds Rates Despite Trump’s Pressure
On Wednesday, the Federal Reserve voted to keep the benchmark interest rate within the 4.25% to 4.5% range — a level unchanged since December. The Fed explained that it would wait for greater economic clarity, especially amid rising concerns tied to Trump’s trade tariffs and broader policy uncertainty.
Despite Trump’s repeated calls to cut interest rates, Chair Powell defended the Fed’s independence during a post-meeting press conference, stating:
"We will continue to do what we’ve always done — use our tools to promote maximum employment and stable prices for the American people. We’ll be guided solely by economic data, growth outlooks, and risk assessments. That’s all we’ll consider."
Market Concerns Over Fed’s Independence
Markets were rattled last month by fears that Trump might try to remove Powell before his term ends in May 2026, a move widely viewed as a threat to the Federal Reserve’s independence, crucial for maintaining trust in U.S. financial markets.
However, Trump appeared to ease those concerns in late April by saying he has “no plans” to fire Powell — reassuring investors, particularly after he temporarily suspended some of the higher reciprocal tariffs.
Speaking on NBC’s “Meet the Press” last Sunday, Trump flatly rejected the idea of removing Powell:
"No, no, no… Why would I do that? I’ll be able to replace him soon."
Still, he doubled down on his criticism, calling Powell "totally incompetent." Notably, Trump had originally appointed Powell during his first term, and President Joe Biden later reappointed him in 2022.
