President Trump posted on his Truth Social account that Federal Reserve Chairman Jerome Powell’s “termination cannot come quick enough.” The Trump administration has recently fired the heads of both the National Security Agency and U.S. Cyber Command, a move that many believe has weakened national security. Nevertheless, the President has Powell in his sights, criticizing him for being slow to lower interest rates, which Trump believes should happen immediately. In response, Powell continues to maintain a hawkish stance regarding current federal policies, prompting Trump to label him as “Too Slow Powell.” Jerome Powell’s term as chairman ends in 2026, while his term as a federal governor extends until February 2028. It’s important to note that, although the President can fire the chairman, other federal governors could potentially reappoint him as chairman of the board. Powell spoke on Wednesday at the Economic Club of Chicago, where he dismissed the notion of a “Fed Put.” He indicated that current federal policies and tariffs could lead to more persistent inflation, but emphasized that it is the Fed’s responsibility to prevent that from happening. “Our obligation is to keep longer-term inflation expectations well anchored and to ensure that a one-time increase in the price level does not develop into a lasting inflation problem,” Powell stated.
