Story perspectives

Trump Slams Fed Chair Powell, Promises Successor Announcement

1/30/2026

Summary

Story summary

U.S. President Donald Trump criticized Federal Reserve Chair Jerome Powell after the Federal Reserve (Fed) kept rates at 3.5% to 3.75%.
He argued the United States should have the lowest rates in the world, saying Powell costs America hundreds of billions.
Trump labeled Powell a "moron" for not cutting rates and said he will announce Powell's successor soon amid a Department of Justice investigation into Powell's actions regarding Fed renovations.

History

Historical Context

The Federal Reserve Act, enacted on December 23, 1913, established the Federal Reserve System to stabilize the U.S. economy after financial panics, notably the Panic of 1907. This central banking authority aimed to regulate monetary policy and prevent bank failures. Ongoing debates about its effectiveness, including recent criticisms from Donald Trump regarding Jerome Powell's leadership, echo historical tensions over the Fed's role in economic health and stability.

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Story summary

U.S. President Donald Trump criticized Federal Reserve Chair Jerome Powell after the Federal Reserve (Fed) kept rates at 3.5% to 3.75%.
He argued the United States should have the lowest rates in the world, saying Powell costs America hundreds of billions.
Trump labeled Powell a "moron" for not cutting rates and said he will announce Powell's successor soon amid a Department of Justice investigation into Powell's actions regarding Fed renovations.

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