‘Maybe I'll change my mind about firing him': Trump revives threat to fire Fed Chair Jerome Powell; calls him ‘total and complete moron'
Donald Trump revives threat to fire Fed Chair Jerome Powell (Picture credit: AP)
US President Donald Trump on Friday again floated the possibility of firing Federal Reserve Chair Jerome Powell, reigniting a long-standing feud over interest rates he claims should be much lower.
In a scathing post on Truth Social, Trump called Powell a 'numbskull' and a 'total and complete moron,' blaming him for refusing to reduce rates despite what Trump called 'virtually no inflation' in the economy.
'I don't know why the Board doesn't override this Total and Complete Moron! Maybe, just maybe, I'll have to change my mind about firing him?' Trump wrote. 'But regardless, his Term ends shortly,' Trump added.
Powell's current term ends in May 2026.
Trump's renewed criticism came just days after the Federal Reserve decided to hold interest rates steady at 4.25%–4.50%. Powell, backed by all six board members and five regional bank presidents, cited the need for patience as inflation trends slowly downward.
Trump, however, insists rates should be slashed to between 1% and 2%, claiming such a move could save the country up to $1 trillion annually.
by Taboola
by Taboola
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
Has Toyota Done It Again? The New RAV4 Is Finally Here (Take A Peek)
FrequentSearches | Search Ads
Learn More
Undo
'I've tried it all different ways. I've been nice, I've been neutral, and I've been nasty, and nice and neutral didn't work!' Trump added.
As per The Hill, Powell has previously stated that a sitting US president cannot lawfully remove a Fed chair except for cause, such as misconduct. A recent Supreme Court ruling also reinforced the Fed's unique structure as a quasi-independent entity, limiting Trump's ability to dismiss Powell directly.
Trump's renewed focus on the Fed comes at a time when Fed Governor Christopher Waller, considered a top contender for Powell's successor, suggested that rate cuts could be on the table by July, citing cooling inflation and signs of a weakening labour market.
Nonetheless, Waller joined the unanimous decision to keep rates on hold this week.
Adding to the speculation, Trump is reportedly preparing to announce a nominee to replace Powell, potentially well before the end of his term.
Market analysts have warned that such an early move could create instability by introducing a 'shadow chair' dynamic, where the sitting chair and the president's nominee pull policy in conflicting directions.
Names circulating as potential replacements include Fed Governor Waller, former Fed Governor Kevin Warsh, former Trump nominee Judy Shelton, and White House economic adviser Kevin Hassett. However, any new Fed chair must be confirmed by the US Senate, a process that could take months.
Market strategists caution that the perception of a politically influenced appointment could erode confidence in the Fed's independence. 'Any Wall Street manager would tell you that Fed independence is the golden rule of markets,' said Callie Cox of Ritholtz Wealth Management.
Despite the firestorm, Powell remains firm. In a previous statement, he said he would not step down if asked and reiterated that Fed decisions are grounded in economic data, not political pressure.
Meanwhile, Trump's intensifying rhetoric and tariff plans continue to inject uncertainty into the central bank's outlook for the second half of 2025.
Stay informed with the latest
business
news, updates on
bank holidays
and
public holidays
.
AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
37 minutes ago
- Time of India
How Trump's visa crackdown is threatening Harvard's 7,000 plus international students and what the court just ruled
Federal court blocks Trump's move to restrict Harvard's international student enrollment. (AP Photo) President Donald Trump's administration has escalated efforts to restrict international students at Harvard University, directly affecting over 7,000 foreign students and casting uncertainty over one of the nation's most prestigious universities. This crackdown targets nearly a quarter of Harvard's student body, shaking the university's global standing and raising significant legal and educational concerns. However, recent court rulings have temporarily stalled some of these moves, leaving the fate of Harvard's international students unresolved. The Trump administration's push against Harvard's foreign enrollment represents a broader policy effort to tighten controls on international students in the US. Central to this effort is the Department of Homeland Security's (DHS) attempt to revoke Harvard's certification to host foreign students under the Student Exchange and Visitor Program. This program authorizes universities to issue the necessary documents for foreign students to study in the US, making it critical for Harvard's international enrollment. Federal judge halts homeland security's attempt to block international students In a significant development, U.S. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 5 Books Warren Buffett Wants You to Read In 2025 Blinkist: Warren Buffett's Reading List Undo District Judge Allison Burroughs temporarily blocked the DHS's ban on Harvard hosting foreign students, citing irregularities in the government's process. The judge's preliminary injunction prevents the administration from withdrawing Harvard's participation in the visa program until the lawsuit filed by the university is resolved. According to Harvard, the ruling 'does not affect the DHS's ongoing administrative review,' but the court's intervention provides temporary relief for more than 7,000 students relying on the program, as reported by the Associated Press. The Trump administration claims that revoking Harvard's certification is a lawful exercise of its authority to regulate foreign student visas. Usually, such action is reserved for clear violations like loss of accreditation or failing to operate as a bona fide institution of learning. However, Harvard argues the administration's efforts are politically motivated retaliation over campus protests and alleged failures to control antisemitism, which the university disputes. Harvard President Alan Garber has stated the university has taken measures to combat antisemitism and will not concede to the administration's demands, according to the Associated Press. Blocking entry of incoming students and increased visa scrutiny In addition to attempting to revoke Harvard's ability to enroll foreign students, President Trump issued a proclamation to block entry for incoming Harvard students, invoking authority to deny entry to groups deemed detrimental to national interests. Harvard has challenged this in court, arguing that targeting only Harvard students does not constitute a valid 'class of aliens,' and Judge Burroughs has paused the entry ban for now. Further complicating the situation, the US State Department has intensified social media vetting for visa applicants attending Harvard and other universities, searching for signs of hostility toward the US. This policy expansion means more scrutiny for thousands of foreign students hoping to study at American institutions. The State Department also instructed consulates to prioritize visa approvals for students enrolling at schools with less than 15% foreign student populations, a threshold Harvard exceeds, as reported by the Associated Press. Harvard's international student body and the stakes International students make up approximately 26% of Harvard's total student body, with certain programs being even more dependent on foreign enrollment. For example, 49% of students at the Harvard Kennedy School hold F-1 visas, a third of the business school's students come from abroad, and 94% of the master's program in comparative law consists of international students. This crackdown threatens not only the students' ability to remain in the US but also Harvard's identity as a global academic leader. Conservatives supporting the administration's policies criticize Harvard as a hub of liberalism and antisemitism, but the university insists the government's actions are illegal retaliation, as reported by the Associated Press. As the court case unfolds, Harvard's 7,000 plus international students remain in limbo, highlighting the complex intersection of immigration policy, education, and politics under President Trump's administration. Is your child ready for the careers of tomorrow? Enroll now and take advantage of our early bird offer! Spaces are limited.
Hindustan Times
41 minutes ago
- Hindustan Times
American B-2 stealth bombers head to Guam: Will US use GBU-57 on Iran's nuclear sites before Trump's announcement?
The United States has deployed B-2 Spirit stealth bombers from Whiteman Air Force Base in Missouri to a strategic airbase in Guam, according to a Jerusalem Post report. The deployment came amid escalating tensions in the Middle East following recent Israeli airstrikes on Iran. The move has also raised concerns about a potential US involvement in Iran, as President Donald Trump will soon announce his decision regarding the Iran-Israel conflict. Donald Trump would make his decision regarding a possible strike on Iran in two weeks, White House said. The deployment came days after US Defense Secretary Pete Hegseth declared that the US military was ready to carry out any decision President Donald Trump makes regarding Iran. President Trump recently stated that Iran had missed its opportunity to negotiate before Israeli strikes began. He reportedly has issued a two-week deadline to Tehran to reach a deal. Also Read: Israel-Iran conflict: World War III memes go viral as Trump mulls intervention Israel has also stated that it struck 'at the heart of Iran's nuclear enrichment programme,' Eurasian Times reported. However, it does not have the capability to completely destroy Iran's nuclear program. Israel needs American help to hit Iran's Fordow nuclear plant, the report claimed. The facility is the most heavily fortified nuclear site in Iran and is situated deep inside a mountain. An American-made bunker-busting bomb is the only way the facility can be damaged. The GBU-57, a bomb buster that can break through more than 200 feet of strong concrete is among the capabilities that the B-2 can carry, the Jerusalem Post report added. The 30,000-pound warhead, also named Massive Ordnance Penetrator, can only be deployed on the B-2 bomber. The deployment of the stealth fighters to Guam has ignited concerns about whether the US could strike Fordow. On Friday, the White House said that Trump would make his decision regarding a possible strike on Iran in two weeks. B-2's stealth and strike capabilities The B-2 Spirit, manufactured by Northrop Grumman, can carry both regular and nuclear weapons while staying under the radar, due to its stealthy design. Each B-2 costs about $2.1 billion making it the priciest military plane, the report stated. Only 21 of them were ever built because of budget cuts after the Cold War with one lost in a 2008 crash at Guam. With a flying range of over 6,000 nautical miles non-stop, and the ability to refuel in the air, the B-2 can hit heavily fortified targets like nuclear sites. It can carry up to 40,000 pounds of bombs, including the GBU-57A/B. The bomber can reportedly carry other types of bombs, like JDAMs, JSOWs, and JASSMs, which makes it useful for different kinds of missions. It is a vital part of America's nuclear defense, able to hold up to 16 B83 nuclear bombs. With its tech that helps it dodge radar, low visibility, and a two-person crew, the B-2 is designed for sneaky, safe, and flexible missions, making it a key player in the Pacific. FAQs Q: What caused the B-2 crash in Guam? A: A B-2 bomber crash in Guam in 2008 was caused by moisture in the aircraft's sensors, leading to faulty airspeed readings and a subsequent stall shortly after takeoff. No fatalities occurred. Q: How many B-2 stealth bombers does the US have? A: The United States Air Force currently has 20 B-2 Spirit bombers in its active fleet, with one previously lost in the 2008 Guam crash. Q: Are there B-2 bombers in Guam? A: While not permanently stationed, B-2 bombers are periodically deployed to Guam as part of the US Indo-Pacific Command's bomber rotation. Q: How much is a B-2 stealth bomber worth? A: Each B-2 Spirit costs approximately $2.1 billion, including development, making it the most expensive aircraft ever built.
Time of India
an hour ago
- Time of India
Europeans seek 'digital sovereignty' as US tech firms embrace Trump
At a market stall in Berlin run by charity Topio, volunteers help people who want to purge their phones of the influence of US tech firms. Since Donald Trump 's inauguration, the queue for their services has grown. Interest in European-based digital services has jumped in recent months, data from digital market intelligence company Similarweb shows. More people are looking for e-mail, messaging and even search providers outside the United States. The first months of Trump's second presidency have shaken some Europeans' confidence in their long-time ally, after he signalled his country would step back from its role in Europe 's security and then launched a trade war. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Costco Shoppers Say This Wrinkle Cream Is "Actually Worth It" The Skincare Magazine Undo "It's about the concentration of power in US firms," said Topio's founder Michael Wirths, as his colleague installed on a customer's phone a version of the Android operating system without hooks into the Google ecosystem. Wirths said the type of people coming to the stall had changed: "Before, it was people who knew a lot about data privacy. Now it's people who are politically aware and feel exposed." Live Events Tesla chief Elon Musk, who also owns social media company X, was a leading adviser to the US president before the two fell out, while the bosses of Amazon, Meta and Google-owner Alphabet took prominent spots at Trump's inauguration in January. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories Days before Trump took office, outgoing president Joe Biden had warned of an oligarchic "tech industrial complex" threatening democracy. Berlin-based search engine Ecosia says it has benefited from some customers' desire to avoid US counterparts like Microsoft's Bing or Google, which dominates web searches and is also the world's biggest email provider. "The worse it gets, the better it is for us," founder Christian Kroll said of Ecosia, whose sales pitch is that it spends its profits on environmental projects. Similarweb data shows the number of queries directed to Ecosia from the European Union has risen 27% year-on-year and the company says it has 1% of the German search engine market. But its 122 million visits from the 27 EU countries in February were dwarfed by 10.3 billion visits to Google, whose parent Alphabet made revenues of about $100 billion from Europe, the Middle East and Africa in 2024 - nearly a third of its $350 billion global turnover. Non-profit Ecosia earned 3.2 million euros ($3.65 million) in April, of which 770,000 euros was spent on planting 1.1 million trees. Google declined to comment for this story. Reuters could not determine whether major US tech companies have lost any market share to local rivals in Europe. Digital sovereignty The search for alternative providers accompanies a debate in Europe about "digital sovereignty" - the idea that reliance on companies from an increasingly isolationist United States is a threat to Europe's economy and security. "Ordinary people, the kind of people who would never have thought it was important they were using an American service are saying, 'hang on!'," said UK-based internet regulation expert Maria Farrell. "My hairdresser was asking me what she should switch to." Use in Europe of Swiss-based ProtonMail rose 11.7% year-on-year to March compared to a year ago, according to Similarweb, while use of Alphabet's Gmail, which has some 70% of the global email market, slipped 1.9%. ProtonMail, which offers both free and paid-for services, said it had seen an increase in users from Europe since Trump's re-election, though it declined to give a number. "My household is definitely disengaging," said British software engineer Ken Tindell, citing weak US data privacy protections as one factor. Trump's vice president JD Vance shocked European leaders in February by accusing them - at a conference usually known for displays of transatlantic unity - of censoring free speech and failing to control immigration. In May, Secretary of State Marco Rubio threatened visa bans for people who "censor" speech by Americans, including on social media, and suggested the policy could target foreign officials regulating US tech companies. US social media companies like Facebook and Instagram parent Meta have said the European Union's Digital Services Act amounts to censorship of their platforms. EU officials say the Act will make the online environment safer by compelling tech giants to tackle illegal content, including hate speech and child sexual abuse material. Greg Nojeim, director of the Security and Surveillance Project at the Center for Democracy & Technology, said Europeans' concerns about the US government accessing their data, whether stored on devices or in the cloud, were justified. Not only does US law permit the government to search devices of anyone entering the country, it can compel disclosure of data that Europeans outside the US store or transmit through US communications service providers, Nojeim said. Mission impossible? Germany's new government is itself making efforts to reduce exposure to US tech, committing in its coalition agreement to make more use of open-source data formats and locally-based cloud infrastructure. Regional governments have gone further - in conservative-run Schleswig-Holstein, on the Danish border, all IT used by the public administration must run on open-source software. Berlin has also paid for Ukraine to access a satellite-internet network operated by France's Eutelsat instead of Musk's Starlink. But with modern life driven by technology, "completely divorcing US tech in a very fundamental way is, I would say, possibly not possible," said Bill Budington of US digital rights nonprofit the Electronic Frontier Foundation. Everything from push notifications to the content delivery networks powering many websites and how internet traffic is routed relies largely on US companies and infrastructure, Budington noted. Both Ecosia and French-based search engine Qwant depend in part on search results provided by Google and Microsoft's Bing, while Ecosia runs on cloud platforms, some hosted by the very same tech giants it promises an escape from. Nevertheless, a group on messaging board Reddit called BuyFromEU has 211,000 members. "Just cancelled my Dropbox and will switch to Proton Drive," read one post. Mastodon, a decentralised social media service developed by German programmer Eugen Rochko, enjoyed a rush of new users two years ago when Musk bought Twitter, later renamed X. But it remains a niche service. Signal, a messaging app run by a US nonprofit foundation, has also seen a surge in installations from Europe. Similarweb's data showed a 7% month-on-month increase in Signal usage in March, while use of Meta's WhatsApp was static. Meta declined to comment for this story. Signal did not respond to an e-mailed request for comment. But this kind of conscious self-organising is unlikely on its own to make a dent in Silicon Valley's European dominance, digital rights activist Robin Berjon told Reuters. "The market is too captured," he said. "Regulation is needed as well."
