Trump Asks Fed Board To ‘Assume Control’ If Powell Continues To Refuse To Lower Rates

U.S. President Donald Trump on Friday said that the central bank’s board should “assume control” if Federal Reserve Chair Jerome Powell doesn’t lower interest rates. 

“Jerome “Too Late” Powell, a stubborn MORON, must substantially lower interest rates, NOW. IF HE CONTINUES TO REFUSE, THE BOARD SHOULD ASSUME CONTROL, AND DO WHAT EVERYONE KNOWS HAS TO BE DONE!” Trump wrote in a post on Truth Social. 

Trump’s latest attack on the Fed Chair follows a status quo policy by the central bank in its July meeting on Wednesday. However, officials also signaled that they expect to lower interest rates before the end of the year. 

The President lashed out at Powell on Thursday as well, stating, “Jerome ‘Too Late’ Powell has done it again!!! He is TOO LATE, and actually, TOO ANGRY, TOO STUPID, & TOO POLITICAL, to have the job of Fed Chair,” in a Truth Social post. 

He also reiterated his concerns about the cost of renovations at the Federal Reserve. “He is costing our Country TRILLIONS OF DOLLARS, in addition to one of the most incompetent, or corrupt, renovations of a building(s) in the history of construction!,” Trump said. “Put another way,“Too Late” is a TOTAL LOSER, and our Country is paying the price!”

According to Treasury Secretary Scott Bessent, Trump may announce Powell’s replacement by the end of the year. “We are putting together a very good list of candidates,” he told CNBC in an interview on Thursday. “I would expect that we could have an announcement by the end of the year.” 

Bessent said that while Powell’s time on the board could continue for two years past his tenure as chair, it would be “highly unusual for a chair to stay on.” He also pointed to the dissenting voices in Wednesday’s decision and to two scheduled openings on the Fed board early next year.

U.S. equity markets were deep in the red on Friday morning. The SPDR S&P 500 ETF (SPY) and the SPDR Dow Jones Industrial Average ETF (DIA) both fell as much as 0.90% in pre-market trade. The Invesco QQQ Trust (QQQ) slipped more than 1%. 

On Stocktwits, retail sentiment around SPY dipped to ‘bullish’ from ‘extremely bullish’ territory over the past day. Meanwhile, retail sentiment around DIA remained in the ‘bullish’ zone. 

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