Trump Attacks Fed Chair in Heated Exchange | US Economic News
Trump Criticizes Federal Reserve Chair Powell
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Former President Donald Trump publicly criticized Federal Reserve Chair Jerome Powell, calling him “a cretin” and “incompetent” and suggesting he would be replaced, shortly after reports surfaced of a federal criminal examination into Powell.
Details of teh Criticism
Trump’s remarks, made on January 12, 2024, continued a pattern of attacks on Powell over the Federal Reserve’s monetary policy. He specifically highlighted a recent dip in 30-year mortgage rates,stating they fell below 6% for the first time in years without the Fed’s assistance. Trump implied rates would fall further with his preferred policies in place. The timing of the criticism coincided with news of a Department of Justice investigation into whether powell improperly disclosed confidential details to a law firm.
Investigation into Jerome Powell
On January 10, 2024, The Wall Street Journal reported that the Department of Justice was investigating whether Powell leaked confidential Federal Reserve information to the law firm WilmerHale. The investigation centers on communications related to the Fed’s supervision of Silicon Valley Bank before its collapse in March 2023. The investigation is ongoing as of January 14, 2026. Source: the Wall Street Journal
Trump’s Previous Criticism of powell
Trump has repeatedly criticized Powell as his appointment as Fed chair in 2018. He has blamed Powell’s policies for hindering economic growth and has publicly called for his removal. in August 2019, Trump stated that Powell had “no clue” about the economy and accused him of sabotaging the U.S. economy. Source: CNBC