Trump Slams Powell as ‘Fool,’ Accuses Fed Chair of Severe Incompetence
Yardeni Research President Ed Yardeni unpacks the October Fed meeting on Making Money.
President Donald Trump recently escalated his criticism of Federal Reserve Chair Jerome Powell, labeling him as “grossly incompetent” during a press conference at Mar-a-Lago. This event, attended by Israeli Prime Minister Benjamin Netanyahu, saw Trump express his dissatisfaction with the costly renovations of the Federal Reserve’s headquarters.
Trump, who appointed Powell as Fed chair in 2017, noted that Powell’s term is set to expire in May 2026. He contrasted his own White House ballroom project, which he claims is “under budget and ahead of schedule,” with the Fed’s renovation efforts, stating, “They’ve wanted it for 150 years. Think of it. The Federal Reserve building, two buildings, they don’t know what they’re doing. They’re way over budget.” He further criticized the renovation, suggesting that much of the expense occurred during the Biden administration.
During his remarks, Trump stated, “‘Too late’ Powell, ‘too late,’ because he’s always too late with interest rates. Before the election, it was too early because that was supposed to help her get elected. It had no impact; we won all seven swing states.” This comment reflects Trump’s ongoing frustration with the Fed’s monetary policy decisions.
POWELL SAYS RATE CUTS WON’T MAKE ‘MUCH OF A DIFFERENCE’ FOR STRUGGLING HOUSING SECTOR
President Donald Trump reiterated his desire to fire Federal Reserve Chair Jerome Powell, criticizing him over the cost of renovations at the central bank’s headquarters. (REUTERS/Kent Nishimura / Reuters)
Trump also mentioned the possibility of filing a lawsuit against Powell, claiming the Fed chair has shown “gross incompetence” in overseeing the renovation project. “We’re thinking of bringing a suit against Powell for incompetence,” he stated, emphasizing that the renovation costs could exceed $4 billion. He criticized the project as the “highest price of construction per square foot in the history of the world,” attributing the exorbitant costs to Democratic policies.
WORLD LEADER ISSUES WARNING TO TRUMP ON FED INDEPENDENCE
President Trump and his allies have been pressuring the Federal Reserve for more aggressive interest rate cuts to stimulate the economy. (REUTERS/Kent Nishimura / Reuters)
The renovation project, initially estimated at $1.9 billion in 2019, has seen costs balloon to nearly $2.5 billion by 2025. This increase is attributed to rising prices for materials such as wood, steel, and cement, as well as the costs associated with remediating asbestos and lead from the building, according to a report by The Wall Street Journal.
In August, Trump and several allies criticized Powell over both the renovation and monetary policy during a tour of the renovations. During this event, Trump claimed the renovation cost $3.1 billion, a figure Powell disputed, clarifying that it included costs from the McChesney Martin building, which had been completed years earlier.
It’s unclear where Trump derived the “$4 billion” figure he cited, as the actual costs remain a contentious topic.
POWELL ACKNOWLEDGES LABOR MARKET SLOWDOWN BUT REJECTS FEARS OF STEEP DECLINE
Federal Reserve Chair Jerome Powell fact-checked President Donald Trump’s $3.1 billion price tag claim during their tour of the Fed’s renovation project. (Kent Nishimura/Reuters / Reuters)
Trump reiterated his desire to fire Powell, alleging that Powell has “mental problems.” He stated, “He should resign. It would be a favor to the nation.” Despite his threats, Trump has not taken action to remove Powell, who has maintained that he will complete his term.
While Trump lacks the authority to fire the Fed chair without cause, he has suggested he might wait for Powell’s term to expire before appointing a successor. Powell has indicated he intends to serve out his term, which extends until January 2028.
Yardeni Research President Ed Yardeni unpacks the October Fed meeting on Making Money.
President Donald Trump recently escalated his criticism of Federal Reserve Chair Jerome Powell, labeling him as “grossly incompetent” during a press conference at Mar-a-Lago. This event, attended by Israeli Prime Minister Benjamin Netanyahu, saw Trump express his dissatisfaction with the costly renovations of the Federal Reserve’s headquarters.
Trump, who appointed Powell as Fed chair in 2017, noted that Powell’s term is set to expire in May 2026. He contrasted his own White House ballroom project, which he claims is “under budget and ahead of schedule,” with the Fed’s renovation efforts, stating, “They’ve wanted it for 150 years. Think of it. The Federal Reserve building, two buildings, they don’t know what they’re doing. They’re way over budget.” He further criticized the renovation, suggesting that much of the expense occurred during the Biden administration.
During his remarks, Trump stated, “‘Too late’ Powell, ‘too late,’ because he’s always too late with interest rates. Before the election, it was too early because that was supposed to help her get elected. It had no impact; we won all seven swing states.” This comment reflects Trump’s ongoing frustration with the Fed’s monetary policy decisions.
POWELL SAYS RATE CUTS WON’T MAKE ‘MUCH OF A DIFFERENCE’ FOR STRUGGLING HOUSING SECTOR
President Donald Trump reiterated his desire to fire Federal Reserve Chair Jerome Powell, criticizing him over the cost of renovations at the central bank’s headquarters. (REUTERS/Kent Nishimura / Reuters)
Trump also mentioned the possibility of filing a lawsuit against Powell, claiming the Fed chair has shown “gross incompetence” in overseeing the renovation project. “We’re thinking of bringing a suit against Powell for incompetence,” he stated, emphasizing that the renovation costs could exceed $4 billion. He criticized the project as the “highest price of construction per square foot in the history of the world,” attributing the exorbitant costs to Democratic policies.
WORLD LEADER ISSUES WARNING TO TRUMP ON FED INDEPENDENCE
President Trump and his allies have been pressuring the Federal Reserve for more aggressive interest rate cuts to stimulate the economy. (REUTERS/Kent Nishimura / Reuters)
The renovation project, initially estimated at $1.9 billion in 2019, has seen costs balloon to nearly $2.5 billion by 2025. This increase is attributed to rising prices for materials such as wood, steel, and cement, as well as the costs associated with remediating asbestos and lead from the building, according to a report by The Wall Street Journal.
In August, Trump and several allies criticized Powell over both the renovation and monetary policy during a tour of the renovations. During this event, Trump claimed the renovation cost $3.1 billion, a figure Powell disputed, clarifying that it included costs from the McChesney Martin building, which had been completed years earlier.
It’s unclear where Trump derived the “$4 billion” figure he cited, as the actual costs remain a contentious topic.
POWELL ACKNOWLEDGES LABOR MARKET SLOWDOWN BUT REJECTS FEARS OF STEEP DECLINE
Federal Reserve Chair Jerome Powell fact-checked President Donald Trump’s $3.1 billion price tag claim during their tour of the Fed’s renovation project. (Kent Nishimura/Reuters / Reuters)
Trump reiterated his desire to fire Powell, alleging that Powell has “mental problems.” He stated, “He should resign. It would be a favor to the nation.” Despite his threats, Trump has not taken action to remove Powell, who has maintained that he will complete his term.
While Trump lacks the authority to fire the Fed chair without cause, he has suggested he might wait for Powell’s term to expire before appointing a successor. Powell has indicated he intends to serve out his term, which extends until January 2028.
