President Donald Trump on Tuesday launched a new wave of public criticism against Federal Reserve Chairman Jerome Powell, blaming a key member of his first-term cabinet, former Treasury Secretary Steven Mnuchin, for recommending Powell for the position.
In a series of posts on his Truth Social platform, the president expressed deep frustration with the Federal Reserve’s current interest rate policy, which he has repeatedly argued is stifling economic growth. Trump directly linked his dissatisfaction with Powell back to Mnuchin’s original recommendation.
“Jerome ‘Too Late’ Powell must NOW lower the rate. Steve ‘Manouychin’ really gave me a ‘beauty’ when he pushed this loser,” Trump posted to his millions of followers.
The president accused the Fed chair of acting too slowly, claiming the damage from his decisions is “incalculable.” He did, however, maintain that the economy remains strong despite the central bank’s policies. “Fortunately, the economy is sooo good that we’ve blown through Powell and the complacent Board,” he continued.
In a notable escalation, Trump also raised the possibility of legal action against the Fed chair, focusing on the costs associated with the renovation of Federal Reserve buildings.
“I am considering allowing a major lawsuit against Powell to proceed because of the horrible, and grossly incompetent, job he has done in managing the construction of the Fed Buildings,” Trump wrote. “Three Billion Dollars for a job that should have been a $50 Million Dollar fix up. Not good!”
The recent broadside is consistent with a pattern of sharp criticism from the president. Earlier this month, Trump had also taken to Truth Social to lambast Powell, calling him a “stubborn moron” for not cutting interest rates. In that post, he urged the Federal Reserve Board to step in directly.
“IF HE CONTINUES TO REFUSE, THE BOARD SHOULD ASSUME CONTROL, AND DO WHAT EVERYONE KNOWS HAS TO BE DONE!” Trump wrote at the time.
