In the post, Trump referred to Powell as ‘Too Late,’ a nickname he has repeatedly used, and blamed him for keeping borrowing costs elevated. ‘Too Late’ is a DISASTER for America! Interest Rates too high!” Trump wrote. The caption accompanied an image showing Powell falling into a garbage-filled dumpster.
The criticism came shortly after the Federal Reserve decided to hold its interest rate steady in the range of 3.5% to 3.75%. The president has consistently argued that interest rates should be significantly lower and has repeatedly pressed the Federal Reserve Chair to bring them down.
The decision highlighted divisions within the central bank, as multiple officials expressed differing views on future rate guidance. While only one member voted in favour of an immediate rate cut, others dissented over language suggesting potential easing ahead.
Powell, whose term as Fed Chair is set to conclude on May 15, has indicated that he plans to remain on the
Federal Reserve Board beyond his chairmanship. His decision comes amid an ongoing review related to renovations at the Fed’s headquarters.
US Attorney for the District of Columbia Jeanine Pirro recently transferred the Justice Department’s investigation to the central bank’s inspector general. If he continues in the role, Powell would become the first sitting chair to do so since Marriner Eccles in 1948.
Tensions between Trump and Powell have intensified in recent months, particularly over monetary policy. Since returning to office, Trump has repeatedly pressured the Fed to lower interest rates more quickly.
In another recent post, Trump criticised Powell’s decision to stay on, claiming he was unable to find employment elsewhere. “Jerome ‘Too Late’ Powell wants to stay at the Fed because he can’t get a job anywhere else – Nobody wants him,” Trump said.
Meanwhile, Powell has maintained a measured tone, emphasising the independence of the central bank. Speaking after a recent Fed meeting, he confirmed his intention to continue as a governor but clarified that he would not act as a “shadow chair.”
“The things that have happened really in the last three months have … left me no choice but to stay until I see them through at least that long. I respect the role of chair. I was a governor for six years, and I know what that’s like,” he added.
