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Trump: ‘People are holding me back’ from firing Jerome Powell
Trump blames Powell's interest rate policies for housing market damage and seeks a Fed overhaul, naming Scott Bessent as successor despite his refusal, allies say.
- On Tuesday from the Oval Office, President Donald Trump demanded immediate removal of Federal Reserve Chair Jerome Powell and named Treasury Secretary Scott Bessent his preferred successor, despite Bessent's refusal and role overseeing interviews.
- Because of his view on rate policy, Trump blamed Powell for damaging the housing market and mishandling interest rates, urging benchmark rates near 1% or 2% from 3.75% to 4.00% amid a five-month attack.
- Amplifying the dispute online, Trump called Powell a fool and a stupid man despite appointing him in 2018, recently posting a Truth Social cartoon firing Powell while Scott Bessent lacks Fed jurisdiction.
- Allies have urged overhaul, with Larry Kudlow saying a broad Federal Reserve change is needed, while a White House official said the administration maintains confidence in Secretary Bessent, noting ongoing private discussions about Powell's fate.
- Administration tensions are visible as Trump muses firing Scott Bessent over his defense of Powell and plans to narrow the shortlist of candidates from five, risking financial markets.
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The president repeated the idea that he would get rid of the president immediately if possible, but Powell’s term of office is not expected to end until May 2026. Powell has so far rejected calls to resign on his own initiative.
Trump Slams Jerome Powell As 'Too Late' And 'Stupid': Says He Wants Him Out 'Right Now,' But Some People Are 'Holding Me Back'
President Donald Trump issued his sharpest critique yet against Federal Reserve Chair Jerome Powell, while confirming that he's begun interviewing candidates for the top central bank role.
·New York, United States
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Trump Says He Thinks He Already Knows His Choice For Fed Chair
President Donald Trump said he thinks he’s identified his choice to be the next chair of the Federal Reserve while asserting people are holding him back from firing the central bank’s current leader, Jerome Powell.
·United States
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Coverage Details
Total News Sources9
Leaning Left1Leaning Right2Center3Last UpdatedBias Distribution50% Center
Bias Distribution
- 50% of the sources are Center
50% Center
L 17%
C 50%
R 33%
Factuality
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