WASHINGTON, D.C. — President Donald Trump intensified his public criticism of Federal Reserve Chair Jerome Powell, accusing him of being either “incompetent” or “corrupt” for the central bank’s handling of monetary policy and a costly headquarters renovation project. Trump reiterated his longstanding pressure on the Fed to cut interest rates, saying Powell’s leadership has been “too high on rates” and “Too Late” — a nickname the president has repeatedly used to highlight what he sees as poor performance.
Trump made his comments during a speech to the Detroit Economic Club and in media appearances, saying Powell’s decisions have hindered economic growth and burdened Americans with unnecessarily high borrowing costs. He argued that a more responsive Fed could have boosted markets and eased financial strain on families and businesses.
The president’s remarks come amid an ongoing Department of Justice criminal probe into Powell related to alleged misstatements about the Fed’s $2.5 billion headquarters renovation — a development Trump’s allies point to as evidence of mismanagement at the central bank.
While Powell has defenders among global central bankers and many economists who emphasize the importance of Fed independence, Trump’s critiques resonate with conservatives frustrated by persistent high interest rates and slower economic momentum. The president has also signaled he may push for leadership changes once Powell’s term ends in May, continuing a broader effort to reshape federal economic policy.
