In the grand theater of American politics, where the stakes are as high as a kite on a windy day, Donald Trump has once again taken to the stage, brandishing his verbal sword against the Federal Reserve Chair, Jerome Powell. With a flourish, he dubbed Powell a “numbskull,” as if the man were a character in a Shakespearean comedy, and criticized the Fed for its snail-like pace in cutting interest rates. “Your job is safe for now,” he quipped, but the undertone was clear: if those rates don’t drop soon, he might just “force something.” Ah, the sweet scent of political pressure wafting through the air as the 2024 campaign heats up like a summer’s day in the Salinas Valley.
“Too High, Too Slow — Cut It Now!”
Trump Rips Fed Chief Powell: “We’re Bleeding Billions While This Fool Sits There Saying ‘No Reason to Cut Rates’ — I Told Him Myself, If Inflation Comes, Hike It! But Right Now? We Need to Slash Rates Fast or Watch America Sink!”#NYI
— NewYork-i (@Newyork__i) June 12, 2025
At a White House event, Trump, with all the flair of a carnival barker, proclaimed that a mere one percentage point cut in interest rates could save the good ol’ US of A a whopping $300 billion annually. And if they were feeling particularly generous and slashed it by two points? Well, then they’d be doubling that savings! He pointed a finger at Powell, accusing him of dragging his feet like a stubborn mule, making it harder to manage the nation’s rising debt and borrowing costs. “Come on, Jerome! Get with the program!”
Officials Call FED’s Inaction ‘Monetary Malpractice’
The president has been saying this for a while, but it’s even more clear: the refusal by the Fed to cut rates is monetary malpractice.
— JD Vance (@JDVance) June 11, 2025
It seems Trump isn’t the only one with a bone to pick. Commerce Secretary Howard Lutnick and Vice President JD Vance have joined the fray, labeling the Fed’s inaction as “monetary malpractice.” They argue that Powell’s reluctance to cut rates is akin to a doctor refusing to treat a patient in pain, especially when inflation is easing and energy prices are dropping like a hot potato.
Trump, ever the strategist, pointed across the pond to Europe, where central banks have already executed ten rate cuts. “Look at them!” he exclaimed, “They’re dancing while we’re stuck in the mud!” He fears the US is lagging behind, losing its economic momentum like a tortoise in a race against a hare.
Can Trump Fire Powell? It’s Complicated
Now, here’s where it gets juicy. Trump has the constitutional power to remove Powell, but doing so could send shockwaves through the markets. Legal experts, those wise owls of the courtroom, warn that such a move would tarnish the Fed’s credibility and likely send long-term interest rates soaring like a rocket. Trump, ever the tactician, seems to understand this delicate dance, which is why he hasn’t yet pulled the trigger.
Harvard legal scholars, with their noses buried in dusty tomes, note that the laws protecting Powell’s position have been slowly eroding like an old barn in a storm. Yet, despite the murky legal waters, the real threat lies in how the markets would react. Removing Powell could shake investor confidence to its core and derail Trump’s grand economic ambitions.
As energy prices tumble and inflation data remains as stable as a well-tuned piano, Trump’s calls for rate cuts may grow louder. But whether the Fed will heed his cries or whether Trump will act on his threats remains a cliffhanger worthy of a Steinbeck novel.
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2025-06-13 08:08