President Donald Trump has renewed his call for Federal Reserve Chair Jerome Powell to resign, escalating tensions over the independence of the US central bank.
Trump demanded Powell “resign immediately” on Wednesday following criticism from his administration’s top housing regulator. Bill Pulte, director of the Federal Housing Finance Agency, posted on X that Powell should be investigated for “political bias” and “deceptive testimony” regarding renovations at the Federal Reserve headquarters in Washington, DC.
Responding to Pulte’s comments, Trump posted on Truth Social that “Too Late” โ his nickname for Powell โ should resign. This criticism follows Trump’s letter to Powell demanding the central banker lower the benchmark interest rate, currently set at 4.25 to 4.5 percent, by “a lot.”
Trump has consistently criticized Powell for not supporting faster rate cuts, arguing that the Fed chair’s cautious approach constrains economic growth and that inflation concerns are exaggerated. Lower interest rates reduce borrowing costs for businesses and consumers, potentially boosting economic growth, but they also tend to increase inflation, which central banks typically aim to control.
Trump’s proposed tariffs are generally expected to create upward pressure on prices, adding complexity to monetary policy decisions.
Powell explained the Fed’s position at a European Central Bank Forum in Portugal on Tuesday, stating that the central bank adopted a wait-and-see approach to rate cuts while assessing the impact of Trump’s tariffs, many of which face a July 9 deadline.
“In effect, we went on hold when we saw the size of the tariffs, and essentially all inflation forecasts for the United States went up materially as a consequence of the tariffs,” Powell said. “We didn’t overreact. In fact, we didn’t react at all; we’re simply taking some time.”
Trump has repeatedly called for Powell’s departure since taking office in January, despite Powell’s term not expiring until May 2026. Last week, Trump told reporters he would “love” for Powell to step down “if he wanted to.”
In April, Trump stated that Powell’s “termination cannot come fast enough,” but retreated from this position after stocks and the US dollar declined sharply.
Under federal law, the president can only dismiss the Fed chair “for cause,” which is widely interpreted to mean specific misconduct rather than policy disagreements. In May, the US Supreme Court reinforced precedent limiting presidential power to remove the top central banker, specifically noting the Federal Reserve’s distinct status among independent agencies.
Trump indicated Tuesday that he has “two or three” candidates in mind to replace Powell, though he did not specify who is under consideration.
About the author
House Republicans Split Over Trump Tax Bill Ahead Of July 4 Deadline
Republican lawmakers in the U.S. House of Representatives face a critical standoff over President Donald Trump's comprehensive tax and spending legislation, with several party members refusing to support the bill that has unanimous Democratic opposition. House debate continues following the bill's passage through its final procedural hurdle early Thursday morning in Washington, D.C. The final vote is anticipated within hours. The impasse surrounding the Trump administration's primary domestic policy initiative, known as the "One Big Beautiful Bill," extended into Thursday's early hours as Republican leadership worked intensively to convince holdouts ahead of the Friday, July 4 deadline. Trump criticized the dissenting Republicans on social media platforms. "For Republicans, this should be an easy yes vote. Ridiculous!" Trump posted on Truth Social. He added, "Largest Tax Cuts in History and a Booming Economy vs. Biggest Tax Increase in History, and a […]
Trump Demands Powell Step Down as Fed Chair Amid Rate Cut Dispute
President Donald Trump has renewed his call for Federal Reserve Chair Jerome Powell to resign, escalating tensions over the independence of the US central bank. Trump demanded Powell "resign immediately" on Wednesday following criticism from his administration's top housing regulator. Bill Pulte, director of the Federal Housing Finance Agency, posted on X that Powell should be investigated for "political bias" and "deceptive testimony" regarding renovations at the Federal Reserve headquarters in Washington, DC. Responding to Pulte's comments, Trump posted on Truth Social that "Too Late" โ his nickname for Powell โ should resign. This criticism follows Trump's letter to Powell demanding the central banker lower the benchmark interest rate, currently set at 4.25 to 4.5 percent, by "a lot." Trump has consistently criticized Powell for not supporting faster rate cuts, arguing that the Fed chair's cautious approach constrains economic growth […]
Federal Judge Blocks Trump’s Total Asylum Ban After Border Crackdown
A federal court has determined that President Donald Trump exceeded his constitutional authority by suspending asylum claims at the US southern border as part of his immigration enforcement measures. US District Judge Randolph Moss ruled Wednesday that Trump's actions risked establishing a "presidentially decreed, alternative immigration system" outside congressional oversight. The 128-page decision challenged the administration's interpretation of executive power over immigration law. Upon taking office for his second term on January 20, Trump issued a proclamation citing the Immigration and Nationality Act (INA) to justify the asylum suspension. The president argued that his authority "necessarily includes the right to deny the physical entry of aliens into the United States and impose restrictions on access to portions of the immigration system." Judge Moss, appointed by former President Barack Obama, rejected this interpretation in his ruling. "Nothing in the INA or […]
Pentagon Claims US Strikes Crippled Iran Nuclear Program For Two Years
The Pentagon has stated that recent U.S. military strikes against Iran have set back the country's nuclear program by one to two years, supporting President Donald Trump's assertions about the operation's effectiveness. Defense Department spokesperson Sean Parnell announced Wednesday that three targeted Iranian nuclear facilities were destroyed during what he called a "bold operation." "We have degraded their programme by one to two years at least," Parnell told reporters. "Intel assessments inside the department assess that." Since B-2 stealth bombers conducted strikes on June 21, Trump has repeatedly defended the attacks against suggestions they failed to significantly damage Iran's nuclear capabilities. The president has maintained that Iran's nuclear program was "obliterated like nobody's ever seen before." However, conflicting assessments have emerged. An initial U.S. intelligence evaluation leaked to media outlets last month suggested the strikes only delayed Iran's nuclear work […]
Diddy Jury Splits On Sex Trafficking But Convicts On Prostitution Charges
A federal jury delivered a split verdict in the trial of Sean "Diddy" Combs, finding him guilty of transporting individuals for prostitution while acquitting him on more serious sex trafficking and racketeering charges. After more than seven weeks of testimony about drug-fueled celebrity parties, the jury ruled that prosecutors failed to prove beyond reasonable doubt that Combs used "force, fraud, or coercion" to compel former girlfriends into commercial sex acts during events known as "freak-offs." The case centered on testimony from two women: singer Casandra "Cassie" Ventura Fine and a woman identified as "Jane," both former girlfriends of Combs. Prosecutors argued Combs used financial influence, violence and blackmail threats to coerce the women into performing sex acts at his parties. Key evidence included March 2016 surveillance video showing Combs beating Ventura in a hotel hallway and dragging her away. Ventura […]
Trump Slashes Vietnam Tariffs From 46% to 20% in Last-Minute Trade Deal
President Donald Trump announced a trade agreement with Vietnam that will impose a 20 percent tariff on Vietnamese exports, significantly lower than the previously threatened 46 percent levy. The deal, announced Wednesday on Truth Social, establishes a 20 percent tariff on Vietnamese goods and a 40 percent levy on transshipments from third countries through Vietnam. In exchange, Vietnam will accept US products with zero percent tariffs. "It is my Great Honor to announce that I have just made a Trade Deal with the Socialist Republic of Vietnam," Trump said after speaking with Vietnam's leader To Lam. This announcement comes days before Trump's July 9 deadline to resolve negotiations before implementing higher tariffs on most imports. Under his April plan, US importers of Vietnamese goods would have faced a 46 percent tariff. The Vietnamese government confirmed the countries agreed on a […]
Related
House Republicans Split Over Trump Tax Bill Ahead Of July 4 Deadline
Republican lawmakers in the U.S. House of Representatives face a critical standoff over President Donald Trump's comprehensive tax and spending legislation, with several party members refusing to support the bill that has unanimous Democratic opposition. House debate continues following the bill's passage through its final procedural hurdle early Thursday morning in Washington, D.C. The final vote is anticipated within hours. The impasse surrounding the Trump administration's primary domestic policy initiative, known as the "One Big Beautiful Bill," extended into Thursday's early hours as Republican leadership worked intensively to convince holdouts ahead of the Friday, July 4 deadline. Trump criticized the dissenting Republicans on social media platforms. "For Republicans, this should be an easy yes vote. Ridiculous!" Trump posted on Truth Social. He added, "Largest Tax Cuts in History and a Booming Economy vs. Biggest Tax Increase in History, and a […]
Federal Judge Blocks Trump’s Total Asylum Ban After Border Crackdown
A federal court has determined that President Donald Trump exceeded his constitutional authority by suspending asylum claims at the US southern border as part of his immigration enforcement measures. US District Judge Randolph Moss ruled Wednesday that Trump's actions risked establishing a "presidentially decreed, alternative immigration system" outside congressional oversight. The 128-page decision challenged the administration's interpretation of executive power over immigration law. Upon taking office for his second term on January 20, Trump issued a proclamation citing the Immigration and Nationality Act (INA) to justify the asylum suspension. The president argued that his authority "necessarily includes the right to deny the physical entry of aliens into the United States and impose restrictions on access to portions of the immigration system." Judge Moss, appointed by former President Barack Obama, rejected this interpretation in his ruling. "Nothing in the INA or […]
Pentagon Claims US Strikes Crippled Iran Nuclear Program For Two Years
The Pentagon has stated that recent U.S. military strikes against Iran have set back the country's nuclear program by one to two years, supporting President Donald Trump's assertions about the operation's effectiveness. Defense Department spokesperson Sean Parnell announced Wednesday that three targeted Iranian nuclear facilities were destroyed during what he called a "bold operation." "We have degraded their programme by one to two years at least," Parnell told reporters. "Intel assessments inside the department assess that." Since B-2 stealth bombers conducted strikes on June 21, Trump has repeatedly defended the attacks against suggestions they failed to significantly damage Iran's nuclear capabilities. The president has maintained that Iran's nuclear program was "obliterated like nobody's ever seen before." However, conflicting assessments have emerged. An initial U.S. intelligence evaluation leaked to media outlets last month suggested the strikes only delayed Iran's nuclear work […]
Diddy Jury Splits On Sex Trafficking But Convicts On Prostitution Charges
A federal jury delivered a split verdict in the trial of Sean "Diddy" Combs, finding him guilty of transporting individuals for prostitution while acquitting him on more serious sex trafficking and racketeering charges. After more than seven weeks of testimony about drug-fueled celebrity parties, the jury ruled that prosecutors failed to prove beyond reasonable doubt that Combs used "force, fraud, or coercion" to compel former girlfriends into commercial sex acts during events known as "freak-offs." The case centered on testimony from two women: singer Casandra "Cassie" Ventura Fine and a woman identified as "Jane," both former girlfriends of Combs. Prosecutors argued Combs used financial influence, violence and blackmail threats to coerce the women into performing sex acts at his parties. Key evidence included March 2016 surveillance video showing Combs beating Ventura in a hotel hallway and dragging her away. Ventura […]
Trump Slashes Vietnam Tariffs From 46% to 20% in Last-Minute Trade Deal
President Donald Trump announced a trade agreement with Vietnam that will impose a 20 percent tariff on Vietnamese exports, significantly lower than the previously threatened 46 percent levy. The deal, announced Wednesday on Truth Social, establishes a 20 percent tariff on Vietnamese goods and a 40 percent levy on transshipments from third countries through Vietnam. In exchange, Vietnam will accept US products with zero percent tariffs. "It is my Great Honor to announce that I have just made a Trade Deal with the Socialist Republic of Vietnam," Trump said after speaking with Vietnam's leader To Lam. This announcement comes days before Trump's July 9 deadline to resolve negotiations before implementing higher tariffs on most imports. Under his April plan, US importers of Vietnamese goods would have faced a 46 percent tariff. The Vietnamese government confirmed the countries agreed on a […]
Trump Freezes Ukraine Weapons Shipments As Russia Unleashes Massive Attacks
The United States has announced it is suspending certain weapons deliveries to Ukraine that were committed under the previous Biden administration, as Russia escalates its military offensive. The Biden-era commitments, which included various munitions to strengthen Ukraine's defenses, are under review as the Pentagon evaluates current inventory levels. This move may indicate changing priorities under President Trump, who has advocated for a more limited global military engagement. "This decision was made to put America's interests first following a review of our nation's military support and assistance to other countries across the globe," White House spokesperson Anna Kelly stated Tuesday. A Pentagon internal assessment determined some stockpiles were "too low" to justify immediate transfers to Ukraine, according to an unnamed US official cited by Politico, which first reported the military aid suspension. Pentagon spokesperson Sean Parnell emphasized that "America's military has […]
Be the first to leave a comment