Since Trump took office and even during his campaign, the 47th U.S. President has repeatedly bashed Powell for being late all the time. “‘Too Late’ Jerome Powell, of the Fed, will be in Congress today in order to explain, among other things, why he is refusing to lower the Rate,” Trump wrote on Truth Social on Tuesday. According to a report from Reuters’ journalist Howard Schneider, the Supreme Court last month described the Fed as a “uniquely structured, quasi-private entity” and acknowledged its governors are immune from dismissal over policy disagreements, solidifying Powell’s status through his term ending in May 2026.

Reuters further detailed that Trump, critical of Powell’s rate policy, faces practical constraints: he likely has only two Fed board vacancies to fill before leaving office in 2029, including Powell’s seat.

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