Trump Calls for Federal Reserve Chairman to Resign Immediately

SadaNews - Former President Donald Trump reiterated his call for Jerome Powell, the Chairman of the U.S. Federal Reserve (the central bank), to resign, stating that the Chairman should do so immediately.

Trump had nominated Powell for the position during his first term. He was nominated for a second term by former President Joe Biden.

Powell's term as Chairman of the Federal Reserve is set to end in May 2026.

Last Tuesday, Trump stated that he has two or three top options to replace Jerome Powell, the Chairman of the Federal Reserve.

Trump accused the Federal Reserve of failing in its duties, emphasizing that the interest rate should be 1% or lower.

Trump strongly criticized the Federal Reserve's stance on keeping interest rates steady, calling for cuts, stating that the central bank keeps borrowing costs for the U.S. government high.

For his part, Jerome Powell, the Chairman of the U.S. Federal Reserve, indicated that he would likely have lowered interest rates this year if it weren't for Trump's tariffs, clarifying that it takes time and the wise choice is to wait and see more about the effects of the tariffs.

Powell said during a discussion session with officials from some central banks at their meeting in Portugal this week: "In reality, we stopped reducing rates when we saw the extent of the tariffs and their impact. Indeed, all inflation expectations in the United States significantly increased as a result of these tariffs, but we did not overreact, and we did not take any action."

He added, "We are just taking some time, and as long as the U.S. economy is in a strong position, we believe that the wise choice is to wait to learn more and see what these effects might be, and so far, they have not actually materialized, so for now, we are waiting."