How Trump’s Attacks on the Fed’s Powell Have Intensified

President Trump’s relationship with Jerome H. Powell, the chair of the Federal Reserve, has almost always been rocky.

Mr. Trump nominated Mr. Powell to his post in 2017. But throughout the president’s first term, he made a habit of heckling Mr. Powell and his colleagues at the Fed.

The pace and intensity of the attacks have escalated during Mr. Trump’s second term. He has moved from name-calling to more overtly demanding that Mr. Powell, whose term ends in May 2026, either lower interest rates or resign. (Mr. Trump has nicknamed Mr. Powell “Too Late.”)

During a meeting with Republicans in the Oval Office last week, the president showed off a copy of a draft letter written to fire Mr. Powell.

On Thursday, Mr. Trump visited the Fed’s headquarters, seeking to spotlight the costs of its renovation project, which he and his colleagues alleged has been mismanaged. Standing next to Mr. Powell, the president reiterated several times his desire for lower interest rates. But he later indicated that he was not prepared to fire Mr. Powell. “To do that is a big move, and I just don’t think it’s necessary,” he said. “And I believe he’s going to do the right thing.”

The New York Times analyzed what Mr. Trump has said about Mr. Powell on social media and in public interviews and press conferences during his first and second terms. In his second term, Mr. Trump has targeted Mr. Powell on approximately 43 separate occasions, all of them since April. The attacks have far outpaced those made during the entirety of Mr. Trump’s first four years in office, over which he critiqued Mr. Powell on about 30 occasions.

Mr. Trump’s comments about Mr. Powell fall into four broad categories. A selection of statements in each category are shown below.

Threats and calls for resignation

Mr. Trump reignited his yearslong feud with Mr. Powell in April, after the Fed chair warned that the Trump administration’s tariffs could lead to a “challenging scenario” for the central bank by putting its two main goals — stable inflation and a healthy labor market — in tension.

A day later, Mr. Trump lashed out at Mr. Powell in a lengthy post on Truth Social, saying that his “termination cannot come fast enough!”

He did not say if he would actually take steps to fire Mr. Powell. But weeks later, he told reporters at an event at the White House that Mr. Powell would be “out of there real fast” if Mr. Trump asked him to leave.

That has proved not to be the case so far, as Mr. Trump has made multiple calls for Mr. Powell’s resignation, and the Fed chair has yet to step down.

For his part, Mr. Powell has repeatedly asserted that he intends to serve out his full term and maintain the Fed’s independence in setting monetary policy.

“People can say whatever they want,” he said in April after Mr. Trump’s first round of attacks. “That’s fine. That’s not a problem, but we will do what we do strictly without consideration of political or any other extraneous factors.”

Equivocations

During his first term, Mr. Trump rarely publicly called for Mr. Powell to step down. In private, however, he reportedly asked advisers whether he could fire him or strip him of his chair title and demote him to a Fed governor.

To reporters, he denied considering those options, though he asserted that he had the “right” to rid himself of Mr. Powell if he wanted to.

Scholars say the legal case for firing a Fed chair would be shaky, because the chair can be ousted only for “cause,” typically interpreted to mean malfeasance or gross misconduct.

This year, Mr. Trump has been similarly oblique, even as his attacks have intensified. He has tended to go back and forth on his threats to oust Mr. Powell. Last month, he said he wasn’t going to fire Mr. Powell — but that he didn’t know “why it would be so bad” if he did. Later, he indicated on social media that “maybe, just maybe,” he would change his mind.

Earlier this month, when confronted with reports that he had shared a draft letter firing Mr. Powell with House Republicans and asked them if he should send it, Mr. Trump once again equivocated. They had talked about “the concept of firing him,” he said, but it was “highly unlikely” — “unless he has to leave for fraud.”

Mr. Trump and his allies have accused Mr. Powell of mismanaging a project to renovate the central bank’s headquarters and lying to Congress about those plans.

Insults

Over the years, Mr. Trump has insulted everything from Mr. Powell’s intelligence to his personality, calling him a “moron,” a “numbskull,” a “stiff” and more.

Mr. Trump’s first in-office public attack on the Fed came in July 2018, after he had pushed through his tax cut legislation at the end of 2017. “I don’t like all of this work that we’re putting into the economy, and then I see rates going up,” he said in July of the following year.

Past presidents have feuded with the Fed, but such public rebukes were rare in recent decades until Mr. Trump took office.

Even Mr. Trump’s first-term attacks on the Fed and Mr. Powell were more balanced than his recent gibes. In an interview with Fox Business Network in October 2018, he called the Fed the “biggest threat” to his economic agenda, but also recognized its autonomy. “It’s independent so I don’t speak to him,” he said of the Fed and Mr. Powell. “But I’m not happy with what he’s doing.”

By his second term, such restraint had evaporated. Mr. Trump has made direct entreaties to Mr. Powell about rates — a recent Truth Social post simply read, “Lower the Rate, Too Late!” — and stated on multiple occasions that even if he doesn’t fire the Fed chair, he will pick a successor who will listen to him and cut rates.

Compliments and complicated feelings

Mr. Trump complimented Mr. Powell unequivocally for the first and last time in November 2017 upon nominating him as Fed chair, calling him “strong,” “smart” and “a very, very talented guy.”

But their relationship quickly soured, and compliments thereafter were peppered with subtle (and not-so-subtle) jabs and critiques. “I put a very good man in the Fed,” he said in July 2018, when asked how he felt about the Fed. “I don’t necessarily agree with it, because he’s raising interest rates.”

The Fed did cut its benchmark interest rate to nearly zero in the midst of the Covid pandemic in March 2020, pledging to use all of its power to prevent the economy from collapsing. Shortly thereafter, Mr. Trump said he had called Mr. Powell to say “good job.” He said it might have been the first time he praised Mr. Powell’s job performance. “He was, you know, a little bit slower than I would have liked,” he said.

Mr. Trump formally met with Mr. Powell for the first time this year in May, a few weeks after calling him a “FOOL” whom he nevertheless liked “very much.”

After the meeting, the Fed released a statement saying that Mr. Powell did not “discuss his expectations for monetary policy” during the meeting and that the Fed’s decisions would be “based solely on careful, objective, and non-political analysis.”