Trump Says Fed Chair Should ‘Resign Immediately'
The president has repeatedly lambasted Mr. Powell recently for not cutting interest rates, saying he was costing the country a 'fortune' in debt-servicing costs. In a social media post on Wednesday, Mr. Trump linked to an article about comments from Bill Pulte, the head of the Federal Housing Finance Agency, who wrote on X that the Fed chair should be investigated for 'his political bias, and his deceptive Senate testimony.'
At issue is Mr. Powell's insistence that the Fed can afford to be patient about cutting interest rates with the economy still on solid footing and inflation risks rising again because of Mr. Trump's tariffs. At a panel on Tuesday, the Fed chair hinted that the Fed would have been able to lower rates if it were not for those policies.
In his statement on X, Mr. Pulte, who leads the agency that regulates the mortgage firms Fannie Mae and Freddie Mac, accused Mr. Powell of making false statements at a Congressional hearing about the swelling costs of a planned renovation of the Fed's headquarters. At that hearing, Mr. Powell pushed back on media reports that the plans included features like a V.I.P. dining room and new marble table.
The administration's attacks on Mr. Powell are not new. Just in the last week, Mr. Trump has called Mr. Powell a 'stubborn mule' and penned him a handwritten note to apply pressure on the Fed to lower interest rates. The president has also previously threatened to remove Mr. Powell from his role as chair before his term expires in 2025, but the Supreme Court recently signaled he is not able to do so.
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