Former DOGE co-leader Vivek Ramaswamy exposed what he calls an "open secret" on Wall Street—investors don't track the Federal Reserve to predict the future, but to see how badly it might fumble next.
"Here's an open secret on Wall Street: the reason investors pay attention to the Fed isn't because the Fed has unique insight, it's mostly just to understand how the Fed is going to screw it up next," Ramaswamy posted on X. "There's ~24k employees at the Fed & that's easily 20k too many. Go back to a single mandate of stabilizing the U.S. dollar, period."
His post included a clip from his recent appearance on Fox News, where he elaborated.
Here’s an open secret on Wall Street: the reason investors pay attention to the Fed isn’t because the Fed has unique insight, it’s mostly just to understand how the Fed is going to screw it up next. There’s ~24k employees at the Fed & that’s easily 20k too many. Go back to a… pic.twitter.com/1c0V4FLcCv
— Vivek Ramaswamy (@VivekGRamaswamy) February 13, 2025
"The dirty little secret in financial markets, Laura, is the reason people pay attention to every little word of the Federal Reserve is not because they have some unique insight. It's because markets are looking for how the Federal Reserve is often going to mess it up next," said Ramaswamy. "These people have messed it up royally for the last 25 years, since the academics took over the Federal Reserve in the managerial class. In the late 1990s, they've actually been adverse to the interests of American workers."
Ramaswamy went on to argue that the Fed's dual mandate of managing both inflation and unemployment has been a failure. "It's like trying to hit two targets on a dartboard with one arrow, badly missing on both."
In typical DOGE fashion, Ramaswamy slammed the Fed's growing workforce.
"The reality is the Federal Reserve needs to go back to one purpose of stabilizing the U.S. dollar as a unit of measurement. And by the way, they don't need 23,000 employees to do that, which is what they have today. They could have a 90% headcount reduction, and frankly, do a better job. So none of those excess headcount is going to find these new tasks to pursue."
"Another DOGE target, another, you're still doing DOGE, I love it," Fox News host Laura Ingraham responded.
Fresh off his departure from DOGE, a department he co-founded with Elon Musk, Ramaswamy is still pushing its core mission of government efficiency and aggressive budget cuts.
A DOGE spokesperson said Ramaswamy left to run for office, and reports indicate he's preparing a bid for Ohio governor—with Vice President JD Vance's team backing him.
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