President Trump has expressed his dissatisfaction with Fed Chair Jerome Powell several times during the past few months for delaying interest rate cuts. While Powell’s term as Chair ends in May 2026, Trump said that he “should resign immediately” during a cabinet meeting on Tuesday.
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When asked if he wanted Congress to investigate Powell about the Fed’s $2.5 billion headquarters renovation, Trump said “It’s okay with me; I think he is terrible.”
Powell was “Trying to Get” Democrats In, Says Trump
Trump added that Powell was “cutting rates like crazy” before the November presidential election in a bid to support a Democratic candidate. The Fed lowered the federal funds rate by 50bps in September and then by 25bps in December.
Afterwards, Trump reportedly turned to face Treasury Secretary Scott Bessent, who was present at the meeting, and said, “I like you better.” Bessent is a frontrunner for the next Fed Chair, with predictions website Polymarket pricing in a 24% chance that Trump will select him as the new Chair by December 31.
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