At a campaign-style rally in Michigan marking his first 100 days of his second term, President Donald Trump once again took aim at the Federal Reserve, issuing fresh criticism aimed squarely — though indirectly — at Fed Chair Jerome Powell.

“I have a Fed person who is not really doing a good job,” Trump told a crowd at Macomb County Community College in Warren, MI.
“You’re not supposed to criticize the Fed, but I know more than he does about interest rates, believe me.”

Though he refrained from naming Powell directly, the sharp remarks underscore Trump’s ongoing frustration with the Fed’s decision to hold interest rates steady, despite inflation pressures and slowing economic growth.

Trump Ramps Up Pressure on the Fed

Tuesday’s comments continue a weeks-long escalation in Trump’s attacks on the Federal Reserve and its leadership. Earlier this month, Trump posted on social media that:

“Powell’s termination cannot come fast enough.”

That post fueled speculation that Trump might attempt to fire the Federal Reserve chairman, threatening the central bank’s independence. However, the president later walked back those suggestions, stating he had “no intention” of firing Powell — a move that temporarily reassured Wall Street.

Despite that assurance, White House Economic Adviser Kevin Hassett confirmed that the administration had explored legal avenues to potentially remove Powell.

Jerome Powell Pushes Back on Trump Tariffs

Fed Chair Jerome Powell has recently pushed back on Trump’s aggressive tariff policies, warning that they could drive inflation up and slow economic growth. In a recent speech, Powell said that given global uncertainty and the trade outlook, the Fed would likely hold interest rates steady for now.

This has only fueled Trump’s frustration, prompting him to call for “pre-emptive rate cuts” on April 21:

“There can be a SLOWING of the economy unless Mr. Too Late, a major loser, lowers interest rates, NOW,” Trump wrote on social media.

Markets Watching Closely Ahead of Fed Decision

The back-and-forth between Trump and the Fed has investors on edge. While Powell and other Fed officials have signaled caution and a wait-and-see approach, Trump continues to push for immediate rate reductions to stimulate growth.

New data on inflation and GDP is expected Wednesday, and those figures could heavily influence the Federal Reserve’s policy meeting on May 6–7.

With the economy facing uncertainty tied to tariffs, interest rates, and stock market volatility, the ongoing Trump vs. Federal Reserve conflict could be a defining issue for markets in the weeks ahead.