President Donald Trump’s ongoing criticism of Fed Chairman Jerome Powell took a new turn over the weekend as the president posted a cartoon image of himself and Powell on the Truth Social platform. In the depiction, an angry-looking Trump is pointing his finger at a glum-looking Powell with the caption “YOU’RE FIRED!”
The image posted on Saturday, Sept. 27, shows Powell holding a box of his personal belongings and appears to be leaving.
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How did Trump generate the image?
CNBC reports that whoever made the image either used artificial intelligence or “digitally illustrated” it. Trump has repeatedly said he would like to see Powell leave as head of the Federal Reserve for what he believes is Powell’s reluctance to lower interest rates.
Trump has frequently referred to him as, “Too Late Powell” in many social media posts.
Interest rate factor
Earlier this month, the Fed lowered the federal funds rate by a quarter of a percent.
Such a rate cut normally dictates how much Americans pay in interest when it comes to mortgages, auto and credit card loans. The president, however, did not think the rate cut was steep enough and again targeted Powell, believing that Powell’s reluctance to go lower was hurting the U.S. economy.
A recent Supreme Court decision determined that the President does not have the power to remove Fed officials at will. The ruling stated, “The Federal Reserve is a uniquely structured, quasi-private entity that follows in the distinct historical tradition of the First and Second Banks of the United States.”
Powell’s history with Trump and Biden
Trump nominated Powell to be chairman of the Federal Reserve during Trump’s first term in office in 2017. Former President Joe Biden renominated him in 2021. Powell has resisted suggestions that he step down and vowed that he won’t allow political pressure to determine his actions on interest rates.
The criticism of Powell has stretched beyond interest rates. President Trump recently paid a visit to see first-hand the renovations ongoing at the Fed’s Washington headquarters. Trump criticized Powell’s oversight of the project as being over-budget, with Trump claiming the price tag has risen to $3.1 billion instead of the Fed’s estimate of $2.5 billion.
Many economists and analysts have stated that if Trump attempts to fire Powell, it will not only rattle the markets but also compromise the Federal Reserve’s independence. Powell’s term as Fed chair ends in less than a year in May 2026.
