Donald Trump is not holding back. On July 2 and 3, the former president publicly demanded that Federal Reserve Chair Jerome Powell “resign immediately,” accusing him of dragging his feet on interest rate cuts and costing the country billions of dollars. Trump’s latest outburst echoes the call from William Pulte, head of the Federal Housing Finance Agency, who’s urging Congress to dig deep into Powell’s record for alleged “political bias” and misleading testimony.
The timing is no accident. Trump has been hammering the Fed for months, insisting Powell is “too late” on rate cuts that could juice the economy ahead of the election. He even sent Powell a Sharpie-scribbled chart comparing U.S. rates to other countries — mocking him as “Mr. Too Late” in classic Trump style.
Pulte, a major housing policy player, added fuel to the fire by demanding Congress investigate whether Powell deliberately misled lawmakers on the Fed’s plans. If true, it could be a bombshell that reshapes the Fed’s leadership at a critical moment.
Meanwhile, Powell is digging in his heels. He has made it clear that the Fed’s decisions will remain “data-driven” and “meeting by meeting,” disregarding the political fireworks. Global central bankers, including Europe’s Christine Lagarde, have thrown their support behind him, warning that an independent Fed is crucial for stable markets.
But the pressure is real. With the dollar already slumping and markets bracing for possible leadership shake-ups, Trump’s crusade against Powell shows no sign of cooling off. One thing’s certain: this showdown between Trump and the Fed Chair could shape America’s money story for years to come. And if Trump has his way, Powell might be packing his bags sooner rather than later.
