President Donald Trump is now claiming the Federal Reserve Board is working against him. On Thursday, he went after not just Jerome Powell, but the entire board, accusing them of intentionally damaging the US economy and derailing his presidency. He went on Truth Social as per usual to say : “Too Late Powell is costing our Country Hundreds of Billions of Dollars. He is truly one of the dumbest, and most destructive, people in Government, and the Fed Board is complicit. We should be 2.5 Points lower, and save $BILLIONS on all of Biden’s Short Term Debt. We have LOW inflation! TOO LATE’s an American Disgrace!” Trump calls Powell dumb yet again, blames him for US debt burden This isn’t the first time Trump has publicly gone after Powell with embarrassing insults, but it is the first time he’s accused the entire Federal Reserve Board of being part of this so-called plot. It’s worth pointing out that Trump appointed Powell to the board himself during his first term. He also put most of the other current board members there, who are registered Republicans, in mind. Here’s the current lineup: Jerome Powell, Republican, was first named to the board in 2012, reappointed as Chair in 2022, and his term ends in May 2026. Philip Jefferson, a Democrat, is Vice Chair until September 2027. Michelle Bowman, also Republican, is Vice Chair for Supervision and stays till 2029. Christopher Waller has a term until 2030. Lisa Cook, Michael Barr, and Adriana Kugler, all Democrats, have terms ending in 2038, 2032, and 2026, respectively. Despite their mix of political affiliations, the entire board is known to back Powell unconditionally. He also has strong bipartisan support in Congress and the Senate, meaning any real attempts to remove him will likely lead to a legal and political mess that Trump can’t easily win. But that hasn’t stopped him from slamming Powell every week anyway, it’s almost a sport at this point. Powell made it clear Wednesday once again that there won’t be any rate cuts soon. He said, “for the time being, we are well positioned to wait to learn more about the likely course of the economy before considering any adjustments to our policies.” In short, no cuts until more data shows a real need. Trump flip-flops on Powell, lies about new chair pick Even with all the insults, Trump is still dancing around the idea of firing Powell. At one point, he said he would name a new Fed chair “very soon.” A few weeks later, he denied ever saying he wanted to remove Powell at all. So far, he’s made no final decision, but he keeps hinting that Powell’s days are numbered. The Federal Reserve Board doesn’t serve at the president’s whim. These governors are confirmed by the Senate and have 14-year staggered terms for a reason—to protect them from political pressure. The board operates out of the Eccles Building in Washington, D.C., and holds one of the most powerful roles in global finance. They oversee the Federal Reserve Banks and shape US monetary policy that affects every major economy on Earth. That’s why it matters when Trump accuses them of being “complicit.” He’s accusing the very body tasked with keeping the economy stable of trying to crash it. It’s a huge claim with no proof, but one that might play well with his base. Especially as interest rates stay high and voters grow restless. The most powerful central bank on earth can’t afford to look political, or the global economy will face unprecedented risks. And Trump knows that, so maybe this is just another attention-seeking behavior from the leader of the free world. KEY Difference Wire helps crypto brands break through and dominate headlines fast
