Trump's Memory Fails Him: President Forgets He Appointed Fed Chair Jerome Powell
As President Donald Trump launched a scathing attack on Federal Reserve Chairman Jerome Powell from the Oval Office, he seemingly forgot that he himself had appointed the man to the position. Trump's outburst, criticizing Powell for failing to cut interest rates, was met with swift backlash on social media, with many questioning the president's mental acuity. Trump's comments came as he responded to reporters' questions about his plans for Powell's replacement, with the Fed chair's term set to expire next year.
Key Takeaways:
- President Donald Trump, 79, launched a scathing attack on Federal Reserve Chairman Jerome Powell from the Oval Office, criticizing him for failing to cut interest rates.
- Trump also suggested that Powell was guilty of fraud over the $2.5 billion cost of renovations at the Federal Reserve, despite Powell having asked the inspector general to review the matter.
- Trump praised Powell's leadership and expertise during his 2017 appointment, and later extended his tenure for a second term in November 2021.
- The president has repeatedly attacked Powell, calling him "terrible", "a loser", and a "knucklehead", and has written numerous social media posts criticizing his performance.
- Trump's comments were met with swift backlash on social media, with many questioning the president's mental acuity and recalling a similar instance where he forgot he had appointed Powell.
Statistics:
- Inflation surged to over nine percent in mid-2022, prompting the Federal Reserve to raise interest rates.
- The Federal Reserve has kept the federal funds rate between 4.25 to 4.50 percent since January 2025, despite Trump's calls for lower interest rates.
- Powell has asked the inspector general to review the $2.5 billion cost of renovations at the Federal Reserve, as Trump Officials have piled on the criticism.
- Trump appointed Powell as Federal Reserve Chair in November 2017, and extended his tenure for a second term in November 2021.
Sources:
- https://www.thedailybeast.com/trump-79-cant-remember-appointing-his-own-fed-chair-jerome-powell/