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That single statement sent shockwaves through conservative circles. Many Trump allies are growing increasingly frustrated with Powell, accusing him of undermining the president’s economic achievements while enabling Biden’s disastrous inflationary policies during his term.
Powell’s September rate cut, viewed as an election ploy to prop up Kamala Harris, backfired spectacularly. Now, with Trump back in the Oval Office, Powell’s refusal to lower rates has triggered massive 1,000-point market sell-offs, sowing fear among American families already battered by the Biden economy.
The anger from Trump’s camp is palpable. They see Powell not as an independent steward of the economy but as a political actor desperately clinging to a broken legacy.
Yet Kennedy bizarrely portrayed Powell as a hero, telling Welker, “My experience with Jay Powell is that he’s got tiger blood. He’s going to do what he thinks is right, and he’s not going to go down in history as the Federal Reserve chairman that allowed inflation to become wild as a March hare, and he’s going to do what he thinks he’s got to do.”
Trump, however, wasted no time setting the record straight. When pressed by reporters, he clarified that while he currently had no plans to fire Powell, his frustrations were fully justified.
“No. None whatsoever. Never did. The press runs away with things,” Trump said. “No, I have no intention of firing him. I would like to see him be a little more active in terms of his idea to lower interest rates. This is a perfect time to lower interest rates.”
Markets roared back following Trump’s reassurance, with a stunning 1,000-point rally that reinforced just how much faith investors place in Trump’s leadership over Powell’s dithering.
The President went even further in a no-holds-barred Truth Social post, blasting Powell’s foot-dragging and warning about the dangers of delaying much-needed rate cuts.
“‘Preemptive Cuts’ in Interest Rates are being called for by many. With Energy Costs way down, food prices (including Biden’s egg disaster!) substantially lower, and most other ‘things’ trending down, there is virtually No Inflation,” Trump posted.
He pointed to Europe’s aggressive rate cuts and accused Powell of falling behind — again.
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“With these costs trending so nicely downward, just what I predicted they would do, there can almost be no inflation, but there can be a SLOWING of the economy unless Mr. Too Late, a major loser, lowers interest rates, NOW. Europe has already ‘lowered’ seven times. Powell has always been ‘To Late,’ except when it came to the Election period when he lowered in order to help Sleepy Joe Biden, later Kamala, get elected. How did that work out?” Trump added.
Trump’s frustration reflects a broader populist outcry against the Federal Reserve, an institution many conservatives believe operates in secret, without any accountability to the American people.
At a time when the economy teeters on a knife’s edge, John Kennedy’s decision to defend Powell has left many wondering whether he understands the stakes — or if he’s simply lost touch with the grassroots movement that delivered Trump back to power.
One thing is clear: in the battle for America’s economic future, Donald Trump isn’t backing down — and neither are the millions of Americans who know the Fed must be reined in before it’s too late.
