As President Donald Trump considers his options for replacing Federal Reserve Chair Jerome Powell, whose term expires in May, he said on Tuesday that Treasury Secretary Scott Bessent doesn&#8217;t want the job. Trump added that the field of candidates to replace Powell has narrowed to four candidates.
The president discussed the upcoming Fed Chair job opening during a nearly 40-minute phone interview with <a href="https://www.cnbc.com/2025/08/05/trump-says-treasury-secretary-bessent-does-not-want-to-be-fed-chair-but-4-others-in-running.html">CNBC</a>. Trump did not explicitly reveal who made his list of final candidates for the position, but gave a couple of hints at who he could be considering after Bessent, who was considered one of the top candidates, told Trump that he wanted to remain as Treasury Secretary.
“I love Scott [Bessent], but he wants to stay where he is,” Trump told the hosts of &#8220;Squawk Box.&#8221; “I asked him just last night, ‘Is this something you want?’ [Bessent said], &#8216;Nope, I want to stay where I am. He actually said, ‘I want to work with you.’ It’s such an honor. I said, ‘That’s very nice. I appreciate that.’”
Trump said that both former Federal Reserve Board Governor Kevin Warsh and National Economic Council Director Kevin Hassett &#8220;are very good,&#8221; adding, &#8220;there are other people that are very good too.&#8221; Both Warsh and Hassett have recently criticized the Fed&#8217;s refusal to lower interest rates. Warsh, who served as Fed governor from 2006 to 2011, was interviewed for the Fed Chair position in 2017 before Trump nominated Powell, Yahoo Finance <a href="https://finance.yahoo.com/news/trump-rules-out-bessent-as-next-fed-chair-says-may-name-powell-replacement-soon-132550942.html">reported</a>. Hassett&#8217;s ties to Trump include his current position as one of the president&#8217;s top economic advisers, as well as serving as an adviser in the first Trump administration.
The announcement of who will replace Powell could be coming &#8220;soon,&#8221; Trump said. He also commented on the <a href="https://www.dailywire.com/news/biden-appointed-fed-governor-resigns-as-trump-calls-for-interest-rate-cuts">resignation</a> of Biden-appointed Federal Reserve Board Governor Adriana Kugler last Friday, calling it a &#8220;pleasant surprise.&#8221;
Trump added that he will nominate a replacement for Kugler in the coming days. Asked if his pick to replace Kugler could also be his nominee for the Fed Chair, Trump said it was possible. Kugler will officially step down from her role on Friday.
While Trump didn&#8217;t name the other candidates in the running, multiple names have been floated in the media, including Fed Governors Christopher Waller and Michelle Bowman, who both dissented against the Fed&#8217;s decision last week to keep interest rates steady.
Waller and Bowman, who were both nominated by Trump to serve on the board, have been pushing for lower interest rates as Trump ramps up pressure on Powell. In their dissent, Waller and Bowman said that the central bank&#8217;s decision to keep interest rates between 4.25% and 4.50% <a href="https://www.dailywire.com/news/feds-delay-on-rate-cuts-threatens-u-s-economy-say-two-dissenting-governors-eyeing-top-job">threatens</a> the economy.

Donald Trump

Trump Narrows Fed Chair Shortlist To Four After Leading Contender Opts Out

Economy

Executive

Federal Reserve

Interest Rates

Jerome Powell

Politics

Scott Bessent

Federal Reserve Governor Adriana Kugler announced her resignation on Friday, just two days after the Fed <a href="https://www.dailywire.com/news/federal-reserve-defies-trump-again-keeps-interest-rates-unchanged">voted</a> to keep interest rates steady for a fifth-straight meeting, further angering President Donald Trump.
Kugler, who was nominated by former President Joe Biden and joined the Board of Governors in September 2023, said that she will be taking a job as a professor at Georgetown University in the fall, CNBC <a href="https://www.cnbc.com/2025/08/01/federal-reserve-governor-kugler-part-of-the-committee-that-sets-interest-rates-is-resigning.html?taid=688d1693aafb050001834e57&amp;utm_campaign=trueanthem&amp;utm_content=main&amp;utm_medium=social&amp;utm_source=twitter">reported</a>. The Fed Governor did not say whether recent pressure on the central bank policymakers had played into her decision.
“It has been an honor of a lifetime to serve on the Board of Governors of the Federal Reserve System,” Kugler wrote. “I am especially honored to have served during a critical time in achieving our dual mandate of bringing down prices and keeping a strong and resilient labor market.”
Kugler was supposed to serve on the board until the end of her term in January of 2026. Over the past few months, she has supported keeping interest rates steady, pointing to uncertainty surrounding Trump’s tariffs. Powell praised Kugler following her resignation, saying, “She brought impressive experience and academic insights to her work on the Board.”
Kugler’s resignation opens up the door for Trump to nominate another nominee for the board, where his two previous appointees, Christopher Waller and Michelle Bowman, have been <a href="https://www.dailywire.com/news/feds-delay-on-rate-cuts-threatens-u-s-economy-say-two-dissenting-governors-eyeing-top-job">pushing</a> for interest rate cuts. Waller and Bowman dissented from the Fed’s decision to hold rates steady, arguing that delaying rate cuts could damage the U.S. economy.
The president is also a few months away from nominating a new Fed Chair to succeed Jerome Powell when his term ends in May 2026. Waller and Bowman are both viewed as potential picks to take over as Fed Chair.
Trump has repeatedly slammed Powell after the Fed voted again on Wednesday to keep interest rates in the 4.25% to 4.5% range. The president <a href="https://truthsocial.com/@realDonaldTrump/posts/114953049546233760">suggested</a> on Friday that if Powell “continues to refuse” to lower interest rates, the board “SHOULD ASSUME CONTROL, AND DO WHAT EVERYONE KNOWS HAS TO BE DONE!” The next meeting to discuss interest rates is scheduled for September 16-17, and Powell gave no indication that the central bank will be ready to lower rates when they meet again.
“We don’t do that in advance,” he said at a press conference on Wednesday. “We’ll be taking that information into consideration and all the other information we get as we make our decision.”
Trump said on Wednesday that he heard the Fed will lower interest rates at its next meeting.
“Right now, there’s no inflation. Everybody thought there would be,” Trump <a href="https://x.com/RapidResponse47/status/1950616453289230363?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1950616453289230363%7Ctwgr%5E6eb0b4d6abe93cef17c929b8d42f0c7e0c258623%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fwww.dailywire.com%2Fnews%2Ffederal-reserve-defies-trump-again-keeps-interest-rates-unchanged">said</a>. “All we have is billions of dollars of cash flowing into our country.”

Adriana Kugler

Biden-Appointed Fed Governor Resigns As Trump Calls For Interest Rate Cuts

Federal Reserve Board Governors Christopher Waller and Michelle Bowman, both appointed to the body by President Donald Trump, spoke out on Friday about their dissent to the Fed&#8217;s <a href="https://www.dailywire.com/news/federal-reserve-defies-trump-again-keeps-interest-rates-unchanged">decision</a> to keep interest rates steady, arguing that delaying rate cuts risks harming the U.S. economy.
In separate statements explaining their dissents, Waller and Bowman, both widely considered as potential successors to Fed Chair Jerome Powell when his term ends in May, advocated for &#8220;gradual cuts&#8221; to interest rates, saying that President Trump&#8217;s tariffs have had little impact on inflation so far, CNBC <a href="https://www.cnbc.com/2025/08/01/fed-governors-bowman-waller-explain-their-dissents-say-waiting-to-cut-rates-threatens-economy.html">reported</a>. Federal Reserve policymakers voted 9-2 on Wednesday to keep interest rates in the 4.25% to 4.50% range, as Trump has blasted Powell and pushed the board to cut rates drastically. The Fed&#8217;s decision marked the first time since 1993 that multiple governors dissented. Waller and Bowman are the only governors currently on the board whom Trump appointed.
“There is nothing wrong about having different views about how to interpret incoming data and using different economic arguments to predict how tariffs will impact the economy,” wrote Waller. “But, I believe that the wait and see approach is overly cautious, and, in my opinion, does not properly balance the risks to the outlook and could lead to policy falling behind the curve.”
Bowman, who serves as the Fed&#8217;s vice chair for bank supervision, added, “With tariff-related price increases likely representing a one-time effect, it is appropriate to look through temporarily elevated inflation readings. I see the risk that a delay in taking action could result in a deterioration in the labor market and a further slowing in economic growth.”
Waller said he supports cutting interest rates by as much as 1.5 percentage points, which would be much smaller than Trump&#8217;s push for a three percentage point cut. Waller and Bowman&#8217;s alignment with Trump&#8217;s policy preferences while dissenting from Powell has sparked speculation that they are positioning themselves for consideration for Fed Chair.
In a press conference on Wednesday, Powell acknowledged that inflation “has eased significantly from its highs in mid-2022,” but he added that it “remains somewhat elevated relative to our 2% longer-run goal.” The Fed Chair also pointed to continued unease over Trump&#8217;s tariffs, which he said “are pushing up prices in some categories of goods.”
In the two days following the Fed&#8217;s decision, Trump has taken to Truth Social to <a href="https://www.dailywire.com/news/trump-unloads-on-fed-chair-jerome-powell-too-angry-too-stupid-too-political">blast</a> Powell multiple times. His most recent criticism of the Fed Chair came on Friday morning in two separate social media posts.
&#8220;Jerome &#8216;Too Late&#8217; Powell, a stubborn MORON, must substantially lower interest rates, NOW,&#8221; Trump <a href="https://truthsocial.com/@realDonaldTrump/posts/114953049546233760">wrote</a>. &#8216;IF HE CONTINUES TO REFUSE, THE BOARD SHOULD ASSUME CONTROL, AND DO WHAT EVERYONE KNOWS HAS TO BE DONE!&#8221;
In a follow-up post, the president <a href="https://truthsocial.com/@realDonaldTrump/posts/114953595203270237">added</a>, &#8220;Too Little, Too Late. Jerome &#8216;Too Late&#8217; Powell is a disaster. DROP THE RATE! The good news is that Tariffs are bringing Billions of Dollars into the USA!&#8221;
Trump also commented on Waller&#8217;s and Bowman&#8217;s dissents, <a href="https://truthsocial.com/@realDonaldTrump/posts/114953428953267494">saying</a> that pushback &#8220;WILL ONLY GET STRONGER!&#8221;

Fed Chair Jerome Powell

Fed’s Delay On Rate Cuts Threatens U.S. Economy, Say Two Dissenting Governors Eyeing Top Job

President Donald Trump blasted Fed Chair Jerome Powell again on Thursday morning after the Federal Reserve Board of Governors <a href="https://www.dailywire.com/news/federal-reserve-defies-trump-again-keeps-interest-rates-unchanged?author=Zach+Jewell&amp;category=News&amp;elementPosition=undefined&amp;row=0&amp;rowType=Vertical+List&amp;title=Federal+Reserve+Defies+Trump+Again%2C+Keeps+Interest+Rates+Unchanged">voted</a> to keep interest rates steady for a fifth straight meeting.
Trump <a href="https://truthsocial.com/@realDonaldTrump/posts/114947541528857255">wrote</a> in a Truth Social post that Powell, whom he has nicknamed &#8220;Too Late,&#8221; is &#8220;TOO ANGRY, TOO STUPID, &amp; TOO POLITICAL, to have the job of Fed Chair.&#8221;
&#8220;He is costing our Country TRILLIONS OF DOLLARS, in addition to one of the most incompetent, or corrupt, renovations of a building(s) in the history of construction!&#8221; he added. &#8220;Put another way, &#8216;Too Late&#8217; is a TOTAL LOSER, and our Country is paying the price!&#8221;
The Federal Reserve policymakers voted 9-2 on Wednesday to keep interest rates in the 4.25% to 4.50% range, even as Trump continues to push them to cut the rates, citing lower levels of inflation. During a press conference, Powell pointed to unease over Trump&#8217;s tariffs, many of which are set to take effect on Friday, along with inflation remaining above the Fed&#8217;s target annualized rate of 2% as reasons for the Fed&#8217;s decision.
Powell said that Trump’s increased tariffs “are pushing up prices in some categories of goods.” He added that policymakers “have made no decision” about where they will land at the next Fed meeting in September. Two Republican-appointed Fed Governors, Christopher Waller and Michelle Bowman, <a href="https://www.usatoday.com/story/money/2025/07/30/federal-reserve-interest-rate-cuts-live-updates/85430906007/">dissented</a> and pushed for the Fed to cut interest rates, marking the first time since 1993 that multiple governors opposed a Fed decision. Both Waller and Bowman are being floated as potential candidates for Trump to tap as a replacement for Powell as Fed Chair when Powell&#8217;s term ends in May 2026.
While the president continues his attacks on Powell, he <a href="https://www.dailywire.com/news/trump-drafted-letter-to-fire-fed-reserve-chair-but-says-were-not-planning-on-doing-it?author=Zach+Jewell&amp;category=News&amp;elementPosition=undefined&amp;row=0&amp;rowType=Vertical+List&amp;title=Trump+Drafted+Letter+To+Fire+Fed+Reserve+Chair%2C+But+Says+%E2%80%98We%E2%80%99re+Not+Planning+On+Doing+It%E2%80%99">said</a> last week that he is not planning on firing the Fed Chair, despite drafting a letter and getting approval from some House Republicans to take the unprecedented move.
“Fortunately, we get to make a change in the next eight months or so, and we’ll pick somebody that’s good,” Trump said. “We want to see lower interest rates. Our country deserves it. We’re making a lot of money. We’re doing great as a country. We have no inflation, record stock market, record business, record everything.”
Trump said on Wednesday, just moments before the Fed announcement was released, that he wasn&#8217;t expecting the policymakers to lower interest rates.
“I hear they’re going to do it in September, not today,&#8221; he added. &#8220;For what reason, nobody knows.&#8221;

Donald Trump/Jerome Powell

Trump Unloads On Fed Chair Jerome Powell: ‘Too Angry, Too Stupid, & Too Political’

The Federal Reserve announced Wednesday it will keep interest rates unchanged, defying President Donald Trump’s calls to cut them after continued positive economic indicators.
After two days of meetings, the central bank policymakers <a href="https://www.cnbc.com/2025/07/30/fed-meeting-live-updates.html">voted</a> to keep the rate in the 4.25% to 4.50% range, where it has remained since December. Federal Reserve Chair Jerome Powell continues to point to unease around Trump’s tariffs, with more set to take effect on Friday. Last month, year-over-year inflation also rose to 2.7%, which remains above the Fed’s target of 2%.
“Although swings in net exports continue to affect the data, recent indicators suggest that growth of economic activity moderated in the first half of the year,” the Fed said in a post-meeting statement. “The unemployment rate remains low, and labor market conditions remain solid. Inflation remains somewhat elevated.&#8221;
At a <a href="https://www.youtube.com/watch?v=u0V3gnOjOi0">press conference</a> Wednesday afternoon following the announcement, Powell acknowledged that inflation &#8220;has eased significantly from its highs in mid-2022,&#8221; but he added that it &#8220;remains somewhat elevated relative to our 2% longer-run goal.&#8221;
Powell said that Trump&#8217;s increased tariffs &#8220;are pushing up prices in some categories of goods.&#8221; He added that policymakers &#8220;have made no decision&#8221; about where they will land at the next Fed meeting in September.
&#8220;We don’t do that in advance,&#8221; he said. &#8220;We’ll be taking that information into consideration and all the other information we get as we make our decision.&#8221;
The announcement is likely to set off another round of angry comments from President Trump, who has ramped up his criticism of Powell in recent weeks, regularly pushing the Fed to bring down interest rates. In a Truth Social post on Wednesday morning, Trump highlighted the “better-than-expected” second-quarter <a href="https://www.dailywire.com/news/americas-economy-keeps-roaring-3-gdp-growth-shatters-expectations">GDP report</a>, which showed that the U.S. economy grew at a 3% rate, once again surprising economists. He referred to Powell as &#8220;Too Late.&#8221;
“2Q GDP JUST OUT: 3%, WAY BETTER THAN EXPECTED! ‘Too Late’ MUST NOW LOWER THE RATE. No Inflation! Let people buy, and refinance, their homes!” Trump <a href="https://truthsocial.com/@realDonaldTrump/posts/114942222209732295">wrote</a>, using the nickname, “Too Late,” that he coined for Powell.
Trump also discussed interest rates during a press conference at the White House just moments before the Fed released its decision. The president said that the Fed &#8220;probably&#8221; wouldn&#8217;t lower the interest rates on Wednesday, adding, &#8220;I hear they&#8217;re going to do it in September, not today. For what reason, nobody knows.&#8221;
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
.<a href="https://twitter.com/POTUS?ref_src=twsrc%5Etfw">@POTUS</a> on interest rates: &quot;What you do is you lower them&#8230; Right now, there&#39;s no inflation&#8230; we&#39;re keeping the rates high and it&#39;s hurting people from buying houses — so we don&#39;t want that.&quot; <a href="https://t.co/zHTgtdyu14">pic.twitter.com/zHTgtdyu14</a>
&mdash; Rapid Response 47 (@RapidResponse47) <a href="https://twitter.com/RapidResponse47/status/1950616453289230363?ref_src=twsrc%5Etfw">July 30, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Two Fed Governors, Christopher Waller and Vice Chair for Supervision Michelle Bowman, voted against the Fed&#8217;s decision to keep interest rates the same, marking the first time since 1993 that multiple governors voted no on a rate decision, according to <a href="https://www.cnbc.com/2025/07/30/fed-leaves-interest-rates-unchanged-as-expected.html">CNBC</a>.
The president met with Powell last week to discuss interest rates and tour the renovations at the Federal Reserve headquarters. During their comments in front of the cameras, Trump told reporters that he would “love” for Powell “to lower interest rates” before giving the Fed Chair a slap on the back.
<blockquote class="twitter-tweet" data-media-max-width="560">
Trump, with Powell beside him: I&#8217;d love him to lower interest rates.
Trump then slaps him on the back. <a href="https://t.co/KPgAhPYe1F">pic.twitter.com/KPgAhPYe1F</a>
— unusual_whales (@unusual_whales) <a href="https://twitter.com/unusual_whales/status/1948478543283077310?ref_src=twsrc%5Etfw">July 24, 2025</a></blockquote>
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Trump, who has <a href="https://news.bloomberglaw.com/business-and-practice/trump-versus-powell-how-far-can-he-push-the-fed-chair">referred</a> to Powell as one of the “most destructive” people in government, <a href="https://www.dailywire.com/news/trump-believes-fed-chair-will-start-recommending-lower-rates?author=Zach+Jewell&amp;category=News&amp;elementPosition=undefined&amp;row=0&amp;rowType=Vertical+List&amp;title=Trump+Believes+Fed+Chair+Will+%E2%80%98Start+Recommending+Lower+Rates%E2%80%99">said</a> last Friday that his discussion with Powell led him to believe that the Fed was ready to lower interest rates.
“[Powell] said to me — now I don’t know if he’s going to say this … on what day he speaks — he said to me very strongly, ‘The country is doing well.’ Trump said, ‘Congratulations, the country is doing really well.’”
The president has <a href="https://www.dailywire.com/news/trump-drafted-letter-to-fire-fed-reserve-chair-but-says-were-not-planning-on-doing-it?author=Zach+Jewell&amp;category=News&amp;elementPosition=undefined&amp;row=0&amp;rowType=Vertical+List&amp;title=Trump+Drafted+Letter+To+Fire+Fed+Reserve+Chair%2C+But+Says+%E2%80%98We%E2%80%99re+Not+Planning+On+Doing+It%E2%80%99">considered</a> firing Powell, reportedly drafting a letter and asking House Republicans if he should move forward with terminating the Fed Chair, which would be an unprecedented move. Trump later said that he would wait for Powell’s term as the Chair to expire in early 2026 before choosing his replacement.

Federal Reserve Defies Trump Again, Keeps Interest Rates Unchanged

President Donald Trump said on Friday that his meeting with Federal Reserve Chair Jerome on Thursday was &#8220;very good,&#8221; adding that he believes Powell is ready to finally lower interest rates.
Trump met with Powell to tour the construction of the Federal Reserve headquarters in Washington, D.C., and to discuss the Fed&#8217;s position on interest rates, an issue over which Trump has routinely blasted Powell. The Fed is set to meet again next week to discuss interest rates, but Powell <a href="https://www.dailywire.com/news/jerome-powell-suggests-delaying-rate-cuts-beyond-july-meeting-while-fed-studies-tariff-impact?author=Reuters&amp;category=News&amp;elementPosition=undefined&amp;row=0&amp;rowType=Vertical+List&amp;title=Jerome+Powell+Suggests+Delaying+Rate+Cuts+Beyond+July+Meeting+While+Fed+Studies+Tariff+Impact">told</a> Congress last month that he was not considering a rate cut at the Fed’s July meeting, citing uncertainty surrounding Trump&#8217;s tariffs.
&#8220;I think we had a very good meeting on interest rates,&#8221; Trump told reporters outside the White House before departing on his trip to Scotland. &#8220;[Powell] said to me — now I don&#8217;t know if he&#8217;s going to say this &#8230; on what day he speaks — he said to me very strongly, &#8216;The country is doing well.&#8217; He said, &#8216;Congratulations, the country is doing really well.'&#8221;
&#8220;And I got that to mean that I think he&#8217;s going to start recommending lowering rates,&#8221; the president added.
<blockquote class="twitter-tweet" data-media-max-width="560">
🚨 BREAKING: President Trump might have just convinced Fed Chair Jerome Powell to *LOWER* interest rates.
LMAO! The meeting for rates is next week&#8230;
&#8220;We had a very good meeting on interest rates. He said to me&#8230;&#8217;the country is doing well.&#8217; He said, &#8216;congratulations.&#8217; I got… <a href="https://t.co/JnvPMY7D55">pic.twitter.com/JnvPMY7D55</a>
— Eric Daugherty (@EricLDaugh) <a href="https://twitter.com/EricLDaugh/status/1948743563816092057?ref_src=twsrc%5Etfw">July 25, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Trump has reportedly considered firing Powell, which would be an unprecedented move, but the president <a href="https://www.dailywire.com/news/trump-drafted-letter-to-fire-fed-reserve-chair-but-says-were-not-planning-on-doing-it?author=Zach+Jewell&amp;category=News&amp;elementPosition=undefined&amp;row=0&amp;rowType=Vertical+List&amp;title=Trump+Drafted+Letter+To+Fire+Fed+Reserve+Chair%2C+But+Says+%E2%80%98We%E2%80%99re+Not+Planning+On+Doing+It%E2%80%99">said</a> last week that he would wait for Powell&#8217;s term as the Chair to expire in early 2026 before choosing his replacement. Trump has called the Fed Chair one of the “<a href="https://news.bloomberglaw.com/business-and-practice/trump-versus-powell-how-far-can-he-push-the-fed-chair" target="_blank" rel="noopener">most destructive</a>” people in government, and took to Truth Social after his meeting with Powell on Thursday to again <a href="https://truthsocial.com/@realDonaldTrump/posts/114910307760776254">urge</a> him to lower interest rates.
During his walkthrough of the Federal Reserve construction with Powell, Trump challenged him on the total cost of the renovations. With Powell by his side, Trump told the cameras that the renovations for the building had increased to $3.1 billion, resulting in Powell looking confused and shaking his head, The Daily Wire previously <a href="https://www.dailywire.com/news/awkward-trump-prods-jerome-powell-about-renovation-controversy-during-fed-visit?author=Daniel+Chaitin&amp;category=undefined&amp;elementPosition=18&amp;row=3&amp;rowHeadline=Latest+News&amp;rowType=Vertical+Carousel&amp;title=AWKWARD%21+Trump+Prods+Jerome+Powell+About+Renovation+Controversy+During+Fed+Visit">reported</a>. Trump handed Powell a copy of a document showing the construction costs.
“You just added in a third building,&#8221; Powell said after reading over the document.
“It’s part of the overall work,” Trump replied, and Powell shot back, “It’s not new.”
Mark Paoletta, General Counsel of the Office of Management and Budget, <a href="https://www.dailywire.com/news/trump-is-100-correct-potus-vindicated-in-fed-renovation-clash-with-powell?topStoryPosition=undefined&amp;author=Hank+Berrien&amp;category=News&amp;elementPosition=4&amp;row=1&amp;rowHeadline=Top+Stories&amp;rowType=Top+Stories&amp;title=%E2%80%98Trump+Is+100%25+Correct%E2%80%99%3A+POTUS+Vindicated+In+Fed+Renovation+Clash+With+Powell">said</a> on Friday morning that &#8220;President Trump is 100% correct in the numbers he used on his tour of Federal Reserve (FRB) site yesterday,&#8221; showing a breakdown of the cost.
<blockquote class="twitter-tweet">
President Trump is 100% correct in the numbers he used on his tour of Federal Reserve (FRB) site yesterday.
FRB documents show FRB 2022 Budget (below) adopted in November 2021 was $1.4 Billion for the Eccles &amp; 1951 Building portion of the FRB HQ project and a total budget for… <a href="https://t.co/54IzoACGhl">https://t.co/54IzoACGhl</a> <a href="https://t.co/yRZ8iGWBAV">pic.twitter.com/yRZ8iGWBAV</a>
— Mark Paoletta (@MarkPaoletta) <a href="https://twitter.com/MarkPaoletta/status/1948716077115920745?ref_src=twsrc%5Etfw">July 25, 2025</a></blockquote>
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Trump Believes Fed Chair Will ‘Start Recommending Lower Rates’

Trump Administration

Let’s stop pretending Jerome Powell is some impartial steward of the economy just trying to do his job.
He isn’t. He’s playing politics with the futures of millions of Americans, and my generation is bearing the brunt of it.
While the Federal Reserve prepares to spend <a href="https://www.foxbusiness.com/economy/feds-2-5b-renovation-irking-president-trump-team" target="_blank" rel="noopener">over $2.5 billion</a> renovating its palatial headquarters, decking it out in imported marble and modernist opulence, young Americans are out here just trying to afford a starter home. We’re not asking for much: a patch of land, a front door, and the dignity of ownership. But, thanks to Jerome Powell’s refusal to cut interest rates, even that modest dream feels like a fantasy.
Powell’s negligence isn’t just bad policy. It’s generational theft.
At a time when inflation has cooled, job growth remains stable, and global conditions call for relief, the Fed continues to hold interest rates at suffocating, near 20-year highs.
Why? Because Powell knows what lowering rates would do: it would boost the economy. It would bring relief to working families. And yes, it would help President Donald Trump. And that, apparently, is something Jerome Powell just can’t stomach.
So, instead of doing the right thing, he’s doing the political thing. And he’s disguising it as so-called prudence.
I’m not buying it.
High interest rates aren’t some abstract policy lever. They’re a wrecking ball, smashing through the budgets of everyday Americans. When interest rates are this high, mortgages become unaffordable. Monthly payments skyrocket. The average 30-year mortgage rate now sits around 7%, up from 2.65% just a few years ago. That translates to hundreds of dollars more per month, if not thousands, for the same home. And that’s assuming you can even get approved for one.
So, what happens? People stay renting. Families delay buying. Couples postpone starting a family. Dreams are deferred, futures are frozen, and lives are lived on pause.
That isn’t economic stewardship. It’s economic strangulation.
And it’s disproportionately hitting young people. Millennials and Gen Z aren’t out here begging for handouts; we’re begging for a fair shot.  But we’ve been priced out of the housing market, saddled with student debt due to degrees that increase in cost but decrease in value, and now, thanks to Powell, we&#8217;re locked out of building real wealth through homeownership —the very cornerstone of the American middle class.
This isn’t just about housing. It’s about hope.
It’s about whether a generation of Americans will believe that if you work hard, play by the rules, and save your money, you can build a life. Because right now, under Jerome Powell’s leadership, that promise is eroding.
And let’s be honest: this didn’t happen by accident. Powell knows exactly what he’s doing. He’s using the Federal Reserve as a weapon to kneecap an economy that would otherwise be roaring back, all because he fears what that might mean politically.
It’s shameful. It’s disgraceful. And it’s a violation of the trust that comes with his office.
President Trump, along with Federal Housing Finance Agency Director Bill Pulte, is absolutely right to demand Powell’s resignation. And every American who cares about fairness, growth, and the future should echo that call. Because this is no longer simply about monetary policy. It’s about simple right and wrong.
Jerome Powell is not some neutral expert stuck in a tough position. He is an unelected bureaucrat standing between an entire generation and the American Dream. He is choosing stagnation over opportunity. Pain over prosperity. Politics over people.
And he needs to go.
We deserve better. We deserve a future. And we’re not going to sit quietly while that future gets stolen by one man’s disgraceful obsession with political sabotage disguised as economic strategy.
Enough is enough.
CJ Pearson, is National Co-Chair of the Republican National Committee Youth Advisory Council.
The views expressed in this piece are those of the author and do not necessarily represent those of The Daily Wire.

Fed Chair Jerome Powell Testifies During Senate Hearing On Capitol Hill

Jerome Powell Is Killing Gen Z’s Shot At The American Dream 

Gen Z

Mortgages

Sales of previously owned homes dropped more than expected in June, <a href="https://www.nar.realtor/newsroom/nar-existing-home-sales-report-shows-2-7-decrease-in-june">according</a> to the National Association of Realtors (NAR).
Home sales fell 2.7% from May, lower than the 0.7% drop predicted by analysts, CNBC News reported. Sales fell to a seasonally adjusted rate of 3.93 million. There was no year-over-year change in home sales.
&#8220;High mortgage rates are causing home sales to remain stuck at cyclical lows,&#8221; NAR Chief Economist Lawrence Yun said in a statement. &#8220;If the average mortgage rates were to decline to 6%, our scenario analysis suggests an additional 160,000 renters becoming first-time homeowners and elevated sales activity from existing homeowners.&#8221;
The drop in home sales comes as President Donald Trump continues pushing Federal Reserve Chair Jerome Powell to lower interest rates.
&#8220;Housing in our Country is lagging because Jerome &#8216;Too Late&#8217; Powell refused to lower Interest Rates,&#8221; Trump <a href="https://truthsocial.com/@realDonaldTrump/posts/114902704048179740">posted</a> on Truth Social. &#8220;Families are being hurt because Interest Rates are too high, and even our Country is having to pay a higher Rate than it should be because of &#8216;Too Late.&#8217; Our Rate should be three points lower than they are, saving us $1 Trillion per year (as a country). This stubborn guy at the Fed just doesn&#8217;t get it — Never did, and never will. The Board should act, but they don&#8217;t have the Courage to do so!&#8221;
Meanwhile, median existing-home prices reached a record high of $435,300, &#8220;the 24th consecutive month of year-over-year price increases,&#8221; according to Yun.
&#8220;Multiple years of undersupply are driving the record high home price,&#8221; Yun continued. &#8220;Home construction continues to lag population growth. This is holding back first-time home buyers from entering the market. More supply is needed to increase the share of first-time homebuyers in the coming years even though some markets appear to have a temporary oversupply at the moment.&#8221;
The average 30-year fixed-rate mortgage is 6.75% as of July 17, the NAR report said. The rate marks an increase from 6.72% the previous week but a decrease from 6.77% the previous year.
&#8220;Expanding participation in the housing market will increase the mobility of the workforce and drive economic growth,&#8221; Yun said. &#8220;If mortgage rates decrease in the second half of this year, expect home sales to increase across the country due to strong income growth, healthy inventory, and a record-high number of jobs.&#8221;
The Federal Reserve has resisted lowering interest rates, citing concerns that Trump&#8217;s tariff policies will increase inflation. Inflation <a href="https://www.dailywire.com/news/inflation-creeps-up-as-trump-prepares-major-tariff-rollout">rose</a> 2.7% year-over-year in June, slightly more than expected. The Fed is reportedly <a href="https://www.dailywire.com/news/trump-drafted-letter-to-fire-fed-reserve-chair-but-says-were-not-planning-on-doing-it?author=Zach+Jewell&amp;category=News&amp;elementPosition=undefined&amp;row=0&amp;rowType=Vertical+List&amp;title=Trump+Drafted+Letter+To+Fire+Fed+Reserve+Chair%2C+But+Says+%E2%80%98We%E2%80%99re+Not+Planning+On+Doing+It%E2%80%99">not considering</a> lowering interest rates at its July meeting.

US-ECONOMY-HOUSING-REAL ESTATE

June Home Sales Drop Below Expectations As Trump Calls For Lower Interest Rates

Real estate

Florida GOP Congresswoman Anna Paulina Luna referred Federal Reserve Chair Jerome Powell to the Justice Department on Monday for a criminal investigation over “materially false” claims she said he made to Congress. 
Luna’s criminal referral letter to Attorney General Pam Bondi said that Powell appeared to commit perjury when he testified before the Senate Committee on Banking, Housing, and Urban Affairs last month about renovations to the Federal Reserve’s headquarters. Luna said that Powell made “several materially false claims” about the scope and cost of the construction during his June 25 testimony. 
“I have formally referred Jerome Powell to the DOJ for criminal investigation,” Luna, a staunch ally of Trump, <a href="https://x.com/RepLuna/status/1947341090614612108/photo/2">announced</a> on X. “Chairman Powell knowingly misled both Congress and executive branch officials about the true nature of a taxpayer-funded project. Lying under oath is a serious offense— especially from someone tasked with overseeing our monetary system and public trust.”
Specifically, Luna said that Powell lied when he denied reports about luxurious upgrades being made to the Fed’s headquarters, including roof terrace gardens, new marble, and new elevators. Luna said that these denials contradicted actual project plans submitted to the National Capital Planning Commission. 
&#8220;According to those records, the revised plan includes a VIP private dining room, premium marble finishes, modernized elevators, water features, and a roof terrace garden—features that Powell publicly denied existed. While Powell presented the changes as simplifications, the actual project plans suggest the opposite,&#8221; she wrote. 
Luna also took issue with a letter Powell wrote to Office of Management and Budget Director Russell Vought about the construction and the increase in costs from $1.9 billion to $2.5 billion. Vought has pressed Powell over the renovations, likening it to the construction of France&#8217;s Palace of Versailles.
&#8220;The discrepancies between Chairman Powell&#8217;s sworn testimony and the factual record call for a thorough and impartial review by your office,&#8221; Luna wrote. &#8220;The integrity of oversight and the trust placed in public officials particularly those responsible for monetary policy and stewardship of taxpayer resources demand accountability at the highest levels.&#8221;
In recent weeks, Powell has frequently clashed with Republicans as President Donald Trump has pushed him to cut interest rates. Trump has called for Powell to resign immediately ahead of the expiration of his term as chair in May 2026.

Jerome Powell Accused Of Lying To Congress, Hit With Criminal Referral

Department of Justice

President Donald Trump said on Wednesday that he is &#8220;not planning on doing anything&#8221; after reportedly writing a letter to fire Federal Reserve Chair Jerome Powell and asking House Republicans on Tuesday night if he should make the move, The New York Times <a href="https://www.nytimes.com/2025/07/16/us/politics/trump-powell-firing-letter.html">reported</a>.
During a meeting in the Oval Office, Trump reportedly waved a copy of the letter in front of GOP lawmakers before polling them on what he should do, with some in the room voicing approval for Powell&#8217;s firing, according to <a href="https://www.cbsnews.com/news/trump-asked-gop-lawmakers-if-he-should-fire-jerome-powell-sources/#">CBS News</a>. A White House official told <a href="https://www.cnbc.com/2025/07/16/trump-powell-fed-fire.html">CNBC</a> that Trump would &#8220;likely&#8221; fire Powell &#8220;soon.&#8221;
Rep. Anna Paulina Luna (R-FL) <a href="https://x.com/realannapaulina/status/1945275059670553019">posted</a> on X on Tuesday night, &#8220;Hearing Jerome Powell is getting fired! From a very serious source.&#8221; In a follow-up post, she <a href="https://x.com/realannapaulina/status/1945289134391636471">added</a>, &#8220;I&#8217;m 99% sure firing is imminent.&#8221;
Trump, however, told reporters in the Oval Office that it&#8217;s &#8220;highly unlikely&#8221; that he would fire Powell.
&#8220;Fortunately, we get to make a change in the next eight months or so, and we&#8217;ll pick somebody that&#8217;s good,&#8221; Trump added, appearing to refer to the end of Powell&#8217;s term as Fed Chair in May 2026. &#8220;We want to see lower interest rates. Our country deserves it. We&#8217;re making a lot of money. We&#8217;re doing great as a country. We have no inflation, record stock market, record business, record everything.&#8221;
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
.<a href="https://twitter.com/POTUS?ref_src=twsrc%5Etfw">@POTUS</a> on Jerome Powell: &quot;He&#39;s too late — he&#39;s always been too late&#8230; He&#39;s a terrible Fed Chair&#8230; Fortunately, we get to make a change in the next eight months or so.&quot; <a href="https://t.co/H8iRMzGWwH">pic.twitter.com/H8iRMzGWwH</a>
&mdash; Rapid Response 47 (@RapidResponse47) <a href="https://twitter.com/RapidResponse47/status/1945514766874603850?ref_src=twsrc%5Etfw">July 16, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
For months, the president has been pushing the Fed to lower interest rates and blasting Powell. Trump has called Powell, whom he nominated in 2018, a &#8220;dummy&#8221; and one of the &#8220;<a href="https://news.bloomberglaw.com/business-and-practice/trump-versus-powell-how-far-can-he-push-the-fed-chair">most destructive</a>&#8221; people in government. Last week, Trump <a href="https://www.cnn.com/2025/07/11/business/jerome-powell-trump-fire">said</a>, &#8220;I call him every name in the book trying to get him to do something. I do it every way in the book. I&#8217;m nasty. I&#8217;m nice. Nothing works.&#8221;
No president has ever fired the Fed Chair, which is designed to remain independent of political influence. The president does have the authority to fire the chair &#8220;for cause,&#8221; which the Supreme Court <a href="https://www.brookings.edu/articles/why-is-the-federal-reserve-independent-and-what-does-that-mean-in-practice/#:~:text=The%20Federal%20Reserve%20Act%20says,1935%20case%20(Humphrey's%20Executor%20v.">ruled</a> in the 1930s must be over &#8220;inefficiency, neglect of duty, or malfeasance in office,&#8221; not just policy disagreements.
The Fed has held off on lowering interest rates despite low inflation numbers, citing concern over Trump&#8217;s tariffs sparking more inflation. Last month, Powell <a href="https://www.dailywire.com/news/jerome-powell-suggests-delaying-rate-cuts-beyond-july-meeting-while-fed-studies-tariff-impact?author=Reuters&amp;category=News&amp;elementPosition=undefined&amp;row=0&amp;rowType=Vertical+List&amp;title=Jerome+Powell+Suggests+Delaying+Rate+Cuts+Beyond+July+Meeting+While+Fed+Studies+Tariff+Impact">told</a> Congress that he and many Federal Reserve Board Governors believe that inflation will start rising soon, adding that he was not considering a rate cut at the Fed&#8217;s July meeting, which is set to take place on July 29-30, Reuters reported.
On Tuesday, the Bureau of Labor Statistics <a href="https://www.dailywire.com/news/inflation-creeps-up-as-trump-prepares-major-tariff-rollout">reported</a> that inflation slightly increased by 0.3% month-over-month and 2.7% year-over-year in June. On Wednesday, the BLS reported that wholesale inflation remained <a href="https://www.dailywire.com/news/economists-wrong-again-wholesale-inflation-remained-unchanged-in-june?topStoryPosition=undefined&amp;author=Zach+Jewell&amp;category=News&amp;elementPosition=1&amp;row=1&amp;rowHeadline=Top+Stories&amp;rowType=Top+Stories&amp;title=Economists+Wrong+Again%3A+Wholesale+Inflation+Remained+Unchanged+In+June" target="_blank" rel="noopener">unchanged</a> last month, defying economists&#8217; predictions.

Jerome Powell/Donald Trump

Trump Drafted Letter To Fire Fed Reserve Chair, But Says ‘We’re Not Planning On Doing It’

Inflation

Tariffs

The Trump administration said Friday that it was encouraged by “reports” that Federal Reserve Chair Jerome Powell was considering resigning. 
Federal Housing Finance Agency Director William Pulte <a href="https://www.fhfa.gov/news/news-release/statement-from-chairman-of-the-board-of-fannie-mae-and-freddie-mac-william-j.-pulte-on-reports-that-jerome-powell-is-considering-resigning" target="_blank" rel="noopener">released</a> a statement saying that it would help the economy for Powell to retire. It is unclear what reports Pulte was referring to, but Trump has repeatedly slammed Powell for his refusal to lower interest rates and called for him to leave his post. 
“I’m encouraged by reports that Jerome Powell is considering resigning. I think this will be the right decision for America, and the economy will boom,” Pulte said. 
Earlier in the day, Trump again laid into Powell as he spoke to reporters before leaving for a trip to visit flood victims in Texas. 
“I think he’s doing a terrible job,” Trump said. “I think we should be 3 points lower, interest rates. He’s costing our country a lot of money.”
“We should be No. 1, and we’re not, and that’s because of Jerome Powell,” the president added. 
During his cabinet meeting on Tuesday, Trump <a href="https://www.foxbusiness.com/politics/trump-demands-terrible-fed-chair-powell-resign-immediately-calls-rate-cuts">said</a> that Powell should “resign immediately” so someone could be appointed who would lower interest rates. 
&#8220;He&#8217;s always late. But he wasn&#8217;t late with Biden before the election, he was cutting them like crazy. It didn&#8217;t help too much, did it? But he was cutting them like crazy before the election with Kamala and Biden. He was trying to get them in, I guess. I don&#8217;t know, he was recommended by somebody who worked for me,&#8221; the president said.
Powell’s term as Fed chair ends in May 2026, but his current term at the Fed goes until January 2028.
In recent days, Powell has also <a href="https://www.dailywire.com/news/palace-of-versailles-fed-chair-lied-about-2-5b-hq-renovation-senators-say?author=Nathan+Gay&amp;category=News&amp;elementPosition=undefined&amp;row=0&amp;rowType=Vertical+List&amp;title=‘Palace+Of+Versailles’%3A+Fed+Chair+Lied+About+%242.5B+HQ+Renovation%2C+Senators+Say">faced pressure</a> from the Trump administration and the Senate for his handling of renovations to the Fed’s headquarters in Washington, D.C.
“While continuing to run a deficit since FY23 (the first time in the Fed&#8217;s history), the Fed is way over budget on the renovation of its headquarters,” Office of Management and Budget Director Russ Vought <a href="https://x.com/russvought/status/1943362774416883908">said</a> on Thursday. “Now up to $2.5 billion, roughly $700 million over its initial cost. These renovations include terrace rooftop gardens, water features, VIP elevators, and premium marble. The cost per square foot is $1,923&#8211;double the cost for renovating an ordinary historic federal building. The Palace of Versailles would have cost $3 billion in today&#8217;s dollars!&#8221;

Semiannual Monetary Policy Report

Trump Admin Cheers ‘Reports’ That Jerome Powell ‘Considering Resigning’

WASHINGTON (Reuters) — Higher tariffs could begin raising inflation this summer, a period that will be key to Federal Reserve consideration of possible rate cuts, Fed Chair Jerome Powell told members of Congress on Tuesday.
Pressed by Republican members of the House Financial Services committee about why the Fed isn&#8217;t cutting rates, as President Donald Trump has demanded, Powell said he and many at the Fed expect inflation to start rising soon, and that the central bank was in no rush to ease borrowing costs in the meantime.
Powell particularly said he would not open the door to a rate cut at the Fed&#8217;s July meeting, as two of his colleagues recently suggested, or at any other session for that matter.
&#8220;I do not want to point to a particular meeting. I don&#8217;t think we need to be in any rush,&#8221; given a still-strong labor market and so much uncertainty about the impact of the still-unresolved tariff debate, Powell said.
Referring to expected tariff-driven price increases, Powell said &#8220;we should start to see this over the summer, in the June number and the July number. &#8230; If we don&#8217;t we are perfectly open to the idea that the pass-through (to consumers) will be less than we think, and if we do that will matter for policy.&#8221;
“I think if it turns out that inflation pressures remain contained we will get to a place where we cut rates sooner than later,&#8221; he said.
With the central bank largely sidelined waiting for the outcome of the Trump administration&#8217;s tariff negotiations, Powell was quizzed repeatedly about why the central bank seemed preoccupied with that issue and isn&#8217;t cutting rates given that inflation so far has been modest.
Powell said that Fed policy isn&#8217;t meant to endorse or criticize the Trump administration&#8217;s approach to trade, only to deal with an inflation impact that the Fed and forecasts more broadly expect to gather momentum over the rest of the year.
&#8220;We aren&#8217;t commenting on tariffs,&#8221; Powell said. &#8220;Our job is keeping inflation under control, and when policies have short- and medium-term, meaningful, implications, then inflation becomes our job.&#8221;
&#8220;All professional forecasters I know of&#8230;expect a meaningful increase in inflation over the course of this year,&#8221; Powell said, elaborating on the Fed&#8217;s reluctance to cut rates while major aspects of Trump&#8217;s trade policy remain unresolved.
<h3>PARING BETS</h3>
In prepared testimony to the House panel, Powell noted that those effects &#8220;could be short-lived, reflecting a one-time shift in the price level. It is also possible that the inflationary effects could instead be more persistent. &#8230; For the time being, we are well positioned to wait to learn more about the likely course of the economy before considering any adjustments to our policy stance.&#8221;
Following the release of Powell&#8217;s testimony, investors pared bets that the central bank might cut its policy interest rate as soon as the central bank&#8217;s July meeting, and increased the perceived odds for a rate reduction in September, with another to follow later in the year.
Powell&#8217;s testimony, as is usually the case with his semiannual congressional appearances, largely tracks the central bank&#8217;s most recent policy statement, approved last week. Fed officials voted unanimously at that meeting to hold the benchmark interest rate steady in the current 4.25% to 4.5% range, and gave no indication rate cuts were imminent.
New economic projections released at the time showed officials at the median expect two quarter-point rate cuts by the end of the year, in line with current market pricing.
In recent days, two Fed governors, both Trump appointees, have said rates could fall as soon as the July meeting, given inflation has not yet risen in response to tariffs, while three reserve bank presidents said they still worry inflation will intensify over the rest of the year.
Trump, who appointed Powell as chair in his first term but is expected to replace him when his term ends next spring, has repeatedly called for steep rate cuts.
&#8220;We should be at least two to three points lower,&#8221; he said in a social media post ahead of the hearing, adding in reference to Powell that he hoped &#8220;Congress really works this very dumb, hardheaded person, over.&#8221;
(Reporting by Howard Schneider; Editing by Andrea Ricci)

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