The seeming battle of wills between President Donald Trump and Federal Reserve Chairman Jerome Powell continues to escalate, as the Fed chair repeatedly refuses to cut interest rates, while being highly vocal about his distaste for the Trump tariffs. Sen. Bernie Moreno (R-OH) has noted that Powell has somehow found his voice in this administration, while he remained curiously silent during the Biden-Harris administration, despite ballooning inflation and the economic fallout and small business closures due to the COVID shutdowns. Like Trump, Moreno has gone on the record to call for Powell's resignation.
Jerome Powell is sabotaging working Americans and costing our country hundreds of billions of dollars with his political games.
— Bernie Moreno (@berniemoreno) July 13, 2025
For the sake of the institution, resign. https://t.co/H3DQ6bIRAF
READ MORE: Fed Housing Director Calls for Immediate Investigation of Jerome Powell for Lying to Congress
Sen Bernie Moreno Exposes Fed Chair Jerome Powell As a Hypocrite: ‘Should Resign’
Federal Housing Finance Administration (FHFA) Director Bill Pulte says Powell has lied about the details of the $2.5 billion renovation to the Federal Reserve building and is calling for an investigation over it, as well as Powell's political bias and deceptive testimony before the Senate. According to reports, this whiff of malfeasance would be grounds for Trump to fire Powell, but the president is insistent on seeing him resign.
Despite rumors swirling that Powell is mulling resignation, from all appearances, he is in for the long haul. But "Art of the Troll" Trump has kept the pressure on "Too Late" Powell, using his words and persuasion tactics to erode the Fed chair's reputation and confidence.
SEE ALSO: Trump Masterfully Trolls Fed Chairman 'Too Late' Powell Over Interest Rates, Pens Hand-Written Note
After his return from the FIFA Club World Cup in New Jersey, Trump continued the campaign, telling reporters on the tarmac at Joint Base Andrews that Powell has been "very bad for the country."
WATCH:
.@POTUS: "Jerome Powell's been very bad for our country. We should have the lowest interest rate on earth, and we don't... and yet, he's spending $2.5 billion rebuilding the Fed — the Federal Reserve building... I call him 'Too Late' — he's always too late." pic.twitter.com/fOLuT40LO6
— Rapid Response 47 (@RapidResponse47) July 14, 2025
I think that if Jerome Powell stepped down, it would be a great thing, I don't know if he's going to, but he should.
Jerome Powell has been very bad for our country. We should have the lowest interest rate on earth, and we don't. He just refuses to do it, and yet he's spending 2.5 billion dollars rebuilding the Fed, the Federal Reserve building. And I don't know what he knows about building, but you talk about cost overruns.
So, we got this approved, and he started the work during the Biden administration, and he doesn't look like the kind of a guy, frankly that wants to spend 2.5 billion dollars. And it's very interesting, becaause out of 71 economists, one person--me--and then one other person. I think from Wharton got it right, and the other ones were wrong. In terms of the success of our country this quickly. We have no inflation. We have cash pouring in. It was me, and somebody else. Then, I can tell you, I don't need 5,000 people working for me behind the scenes like Jerome Powell to tell him what he should say once a month, because they got it wrong. The Fed got it wrong. I call him "Too Late." He's always too late.
Every point costs us 360 billion dollars. Think of that. And we should be three points -- That's almost a trillion dollars, approximately a trillion dollars less we should be, just by the signing of a piece of paper.
So, we'll see what happens. I mean, you're telling me he's going to quit. I hope he quits. I don't know if he's going to quit, but he should quit, because he's been very bad for the country.
Club for Growth founder and Trump loyalist Stephen Moore sides with Trump on the need for interest rate reduction, while pointing out that despite its claims of being politically independent, the economists at the Fed have aligned 90 percent with the Democrat Party. The fact that Powell chose to cut interest rates in September 2024, right before the November elections, indicates that his moves are more partisan than independent. These are also the sentiments of CEO of Azoria Investments James Fishback.
Trump is right about Powell.
— James Fishback (@j_fishback) July 12, 2025
Inflation just hit a 4-year low—and it’s heading even lower. So why is Jerome Powell (Too Late!) keeping interest rates near 20-year highs?
He claims he can’t cut now, but he had no issue cutting rates by 50 points right before the election when… https://t.co/TMMUdNxJaM pic.twitter.com/B5vglPQptV
Trump is right about Powell.
Inflation just hit a 4-year low—and it’s heading even lower. So why is Jerome Powell (Too Late!) keeping interest rates near 20-year highs?
He claims he can’t cut now, but he had no issue cutting rates by 50 points right before the election when inflation was higher than it is today.
Powell is not fighting inflation. He’s fighting Trump.
We know Trump enjoys the fight, but bureaucratic elitists like Powell lack the pugilistic instinct. With pressure being applied from the executive, the legislature, and Wall Street, we will see whether Powell will return the fight or ultimately fold.
Editor’s Note: Thanks to President Trump’s leadership and bold policies, America’s economy is back on track.
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