Speaking to reporters aboard Air Force One after the dinner, Trump accused Powell of being “bad” for the economy and “acting too late” on interest rate adjustments, several media reports noted, including the Washington Times.

The president’s remarks mark yet another jab at the central bank chief he appointed in 2018 — a relationship that’s been frosty ever since Trump’s first term. Powell, whose current term as Fed chair ends in May 2026, was renominated by President Biden in 2022 and could technically remain on the Fed’s Board of Governors until 2028.

That said, Trump’s “few months” remark suggests he intends to move faster, with sources close to the administration hinting he could announce a replacement by the end of 2025. Fed Chair contenders include former Fed Governor Kevin Warsh, ex-White House economist Kevin Hassett, supply-sider Arthur Laffer, and Judy Shelton, a gold-standard advocate whose past nomination stalled in the Senate.

Trump has signaled that the next chair must align with his pro-growth, low-rate agenda. Markets reacted swiftly to Trump’s latest salvo. Bond yields slipped a hair, while rate-sensitive sectors such as tech and real estate saw modest upticks. Traders bet a Trump-friendly Fed could accelerate rate cuts — a move some investors believe is giga bullish for risk assets across U.S. stocks and crypto.

Critics warn that a politically driven Fed could compromise monetary independence, prioritizing short-term economic gains over inflation control. Although academic studies suggest there has never been any so-called independence. Supporters, however, argue that a shake-up is overdue and would better sync monetary and fiscal policy to fuel growth.

The ongoing spat comes amid a predicted Fed rate-cutting cycle, with Powell recently signaling the end of quantitative tightening. Trump’s comments, though typical of his unfiltered style, have once again left global markets watching for his next move — and Powell’s possible final act.

FAQ

• What did President Trump say about Jerome Powell?
  Trump said Powell would be out of his role “in a few months,” calling him “incompetent” and “bad” for the economy. It’s not Trump’s first time making such comments.
• When does Powell’s current term end?
  Powell’s term as Fed chair runs through May 2026, though he could stay on the Board of Governors until 2028.
• Who could replace Powell at the Federal Reserve?
  Reported contenders include Treasury Secretary Scott Bessent, Kevin Warsh, Kevin Hassett, Arthur Laffer, and Judy Shelton.
• How did markets react to Trump’s comments?
  Bond yields dipped and tech and real estate stocks rose modestly, as investors priced in the possibility of faster rate cuts.

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