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Updated Article:
Trump Goes Off on Powell, Contemplates Unconventional Move
WASHINGTON - In a surprising Twitter tirade, US ex-President Donald Trump took aim at Federal Reserve Chair Jerome Powell, publicly considering an unconventional move: usurping Powell's role and taking the helm of the central bank himself.
Known for his scathing remarks regarding Powell's monetary policies, Trump reserved no courtesy for the banker on his Truth Social platform. He branded Powell as a "tool," "fool" and enemy of his administration, lamenting the bank's refusal to lower interest rates as swiftly as he desired.
"I know my harsh words complicate matters for Powell," Trump admitted, reflecting on his tumultuous relationship with the Fed Chair. "I've tried all approaches—friendly, cool, and hostile—but the nice and neutral acts didn't deliver the goods!"
Powell's term at the helm of the Fed doesn't conclude until next year. He has repeatedly stated that his dismissal would be against the law and that he has no intention of resigning if Trump asks.
"I can't fathom why the Board doesn't annul this egotistical buffoon!" Trump lamented. "Perhaps, just perhaps, I should reconsider firing him? Yet, regardless, his tenure ends soon!"
Trump's outburst came following the Fed's decision to keep interest rates unchanged for the fourth consecutive meeting on Wednesday. The Fed's projections indicated higher inflation and slower growth under the influence of Trump's tariffs.
The Federal Reserve maintains its independence from political influence and monetary policy decisions are made by the Federal Open Market Committee based on economic data. Chairman Powell has emphasized that the Fed's monetary policy decisions are devoid of political considerations, as mandated by law.
It's worth noting that such a move—a President appointing himself as the Fed Chair—would be unparalleled in US history and contradict the Fed's legal structure and independence.
[Enrichment: Despite Trump's aggressive criticism toward Powell and hints toward frustration, no solid evidence or official reports indicate that he seriously considered firing Powell or taking over the Fed himself.]
- The ongoing political saga between Trump and Powell, centered on monetary policy, has once again made headlines in policy-and-legislation and general-news outlets.
- Amidst the latest developments, speculation arises whether Trump's threats towards Powell's role breach the law, given the Federal Reserve's independence from political influence.
