Trump Wants Fed Board to Yank Control From Powell

President Trump on Friday called for the Federal Reserve's board of governors to usurp the power of Fed Chair Jerome Powell, again criticizing the head of the US central bank for not cutting short-term interest rates. The Fed chair has been subjected to vicious verbal attacks by the Republican president over several months, notes the AP. Posting on Truth Social, Trump's new missive went thusly:

• "Jerome 'Too Late' Powell, a stubborn MORON, must substantially lower interest rates, NOW. IF HE CONTINUES TO REFUSE, THE BOARD SHOULD ASSUME CONTROL, AND DO WHAT EVERYONE KNOWS HAS TO BE DONE!"

Two of the seven Fed governors, Christopher Waller and Michelle Bowman, issued statements Friday saying they see Trump's tariffs as having a one-time impact on prices and the job market likely softening. As a result, the two dissented at the Fed meeting on Wednesday and pushed for slight rate cuts relative to what Trump was seeking. Even though Trump, who nominated Waller and Bowman, has claimed the US economy is booming, he welcomed their arguments. "STRONG DISSENTS ON FED BOARD," he said in a separate Truth Social post. "IT WILL ONLY GET STRONGER!"

The Supreme Court suggested in a May ruling that Trump could not remove Powell for policy disagreements. This led the White House to investigate whether the Fed chair could be fired for cause because of the cost overruns in its $2.5 billion renovation projects. Powell's term as chair ends in May 2026, at which point Trump can put his Senate-confirmed pick in the seat.