In a post issued Friday, Trump wrote, “Jerome ‘Too Late’ Powell, a stubborn MORON, must substantially lower interest rates, NOW. IF HE CONTINUES TO REFUSE, THE BOARD SHOULD ASSUME CONTROL, AND DO WHAT EVERYONE KNOWS HAS TO BE DONE!”

The statement follows Wednesday’s decision by the Federal Open Market Committee (FOMC) to keep rates steady. While the committee acknowledged economic headwinds, it refrained from initiating a rate cut, though many officials suggested one may be possible later in the year.

Trump’s renewed attacks on Powell also include criticism of the Fed’s ongoing headquarters renovation, which some lawmakers have flagged as mismanaged. Despite questioning Powell’s leadership, Trump has said he does not plan to fire the chair, whose term expires in May 2026.

Cabinet Readies Powell Succession As Internal Dissent Emerges

Treasury Secretary Scott Bessent announced Thursday that preparations are underway to replace Powell by year’s end. “We are putting together a very good list of candidates,” he told CNBC. Two upcoming vacancies on the Fed Board are expected to tilt the balance toward members favoring Trump’s pro-cut stance.

Bessent also cited internal dissent on the FOMC, noting that two Fed governors—Christopher Waller and Michelle Bowman—voted against holding rates steady. This marked the first dual dissent since 1993 and signaled growing divisions within the central bank.

Powell, meanwhile, emphasized that while the Fed is monitoring Trump’s tariffs and their potential impact, any decision on rates would be made cautiously and in line with economic data. His latest statements have tempered market expectations for a September rate cut without ruling it out entirely.