President Donald Trump renewed his criticism of Federal Reserve Chairman Jerome Powell on Monday, blaming him for stalling the U.S. economy and hurting American families by keeping interest rates high.
“Our rate should be three points lower,” Trump wrote on Truth Social, adding that a cut would save the country “$1 trillion per year.” He labeled Powell “stubborn” and urged the Fed Board to act, claiming they “don’t have the courage” to lower rates.
Trump’s remarks follow Treasury Secretary Scott Bessent’s comment to Bloomberg TV that the administration is not rushing to replace Powell, though Trump has suggested the Fed chair may have misled Congress regarding $2.5 billion in Fed headquarters renovations.
While the president cannot fire the Fed chair, Trump is reportedly exploring legal avenues to pressure change at the central bank. The Fed’s recent renovation cost spike remains under internal review.
