Federal Reserve Chair Jerome Powell is in President Donald Trump’s line of fire again.
Trump urged Powell’s ouster to cut interest rates to soften the economic blow of his tariff plan in a Thursday post to Truth Social and went on to call for the chair's ouster.
“Jerome Powell of the Fed, who is always TOO LATE AND WRONG, yesterday issued a report which was another, and typical, complete mess!’” Trump said. “He should certainly lower [interest rates] now. Powell’s termination cannot come fast enough!”
Speaking to reporters in the White House later on Thursday, Trump added, “If I want him out, he’ll be out of there real fast.”
REPORTER: Powell says he won't leave even if you ask him to
— Aaron Rupar (@atrupar) April 17, 2025
TRUMP: Oh, he'll leave. If I ask him to he'll be out of there ... I'm not happy with him. If I want him out, he'll be out of there real fast. Believe me.
REPORTER: Are you trying to remove him?
TRUMP: Yeah, next… pic.twitter.com/R6nzLVgPQW
The president’s attacks came a day after Powell warned that his massive tariffs could send shockwaves through the American economy and complicate growth and stability efforts in a speech to the Economic Club of Chicago.
“The level of tariff increases announced so far is significantly larger than anticipated, and the same is likely to be true of the economic effects, which will include higher inflation and slower growth,” Powell said on Wednesday. “Tariffs are highly likely to generate at least a temporary rise in inflation. The inflationary effects could also be more persistent.”
The president has long sought more control over interest rates and has feuded with Powell over his resistance to White House pressure on the rates. Powell can’t be removed from his post until his term ends in May of 2026.
Whether Trump, who has moved to fire thousands of federal workers in recent weeks, will attempt to oust Powell remains to be seen. Some politicians are warning that the plan could itself spook markets.
“If Chairman Powell can be fired by the President of the United States, it will crash the economy,” Senator Elizabeth Warren, D-Mass., said on Thursday.
