- Trump joked about appointing himself to lead the Fed, reigniting his long-running feud with Jerome Powell.
- The Fed is expected to keep interest rates steady, citing uncertainty around tariffs and stable economic data.
- With Powell’s term ending in less than a year, Trump’s criticism is intensifying, but an early replacement remains unlikely.
In classic Trump fashion, the former president ramped up his attacks on Federal Reserve Chair Jerome Powell—this time floating the idea of taking the job himself. Speaking to reporters outside the White House on Wednesday, Trump didn’t hold back.
“Maybe I should go to the Fed,” he said, only half-joking. “Am I allowed to appoint myself at the Fed? I’d do a much better job than these people.”
The remarks landed just hours before the central bank was set to announce its latest interest rate decision, which—according to most analysts—is expected to be a non-event, with rates likely staying put for now.
Powell in the Crosshairs (Again)
Trump has been hammering Powell for years, despite being the one who appointed him to lead the Fed back in 2017. Since then, their relationship has soured, with Trump often blaming Powell for messing up the economy or siding with Democrats.
This time, Trump took another jab, saying, “I would have never reappointed him. Biden reappointed him. I don’t know why that is… maybe he was a Democrat.” (For the record, Powell is a lifelong Republican and even served under George H.W. Bush.)
The president also pointed the finger at his former Treasury Secretary Steven Mnuchin, calling him the guy behind Powell’s original nomination. “Got great advice from Mnuchin on this one,” Trump quipped.
The Fed’s Not Budging (Yet)
The Federal Open Market Committee (FOMC) is widely expected to keep rates unchanged—for now. Inflation has cooled, unemployment is still low, and the economy isn’t flashing any urgent warning signs. Powell himself has said there’s no rush to change policy.
“There’s a great deal of uncertainty,” Powell said last month, referring to Trump’s tariff proposals and how they might impact growth and jobs. “We can afford to be patient.”
Even though Powell technically leads the FOMC, he’s only one vote among many, which limits how much influence he alone wields over interest rate changes.
Political Pressure Mounts as 2026 Nears
With less than a year left in Powell’s term, Trump’s jabs are turning up the heat. His campaign has reportedly looked into ways to expand presidential authority over Fed policy—a move that would shake up the Fed’s long-standing independence.
Still, most experts doubt Trump would actually try to appoint himself—or anyone else—before Powell’s term ends. Doing so could spook markets and trigger backlash.
But knowing Trump, bold threats and headline-grabbing soundbites are just par for the course.
