The relationship between Donald Trump and Federal Reserve Chair Jerome Powell has been one of the most contentious between a U.S. president and a central banker in modern history. Since returning to the White House, Trump has repeatedly lambasted Powell for not cutting interest rates fast enough, hurling insults and questioning the Fed's independence. As Powell prepares to step down, here is a look back at their biggest clashes.
A Surprise Appointment
Trump once expressed shock that Powell got the job in the first place, calling him a "terrible Fed chair" last July. Yet it was Trump himself who nominated Powell in November 2017, praising him as "strong," "committed," and "smart" for the role.
'Numbskull, Dummy, Moron'
Trump has coined numerous nicknames for Powell, including "Too Late." In April last year, he said Powell's "termination cannot come fast enough!" and has since called him a "numbskull," "moron," and "real dummy" in media interviews. On social media, Trump once wrote: "Jerome 'Too Late' Powell has done it again!!! He is TOO LATE, and actually, TOO ANGRY, TOO STUPID, & TOO POLITICAL, to have the job of Fed Chair. He is costing our Country TRILLIONS OF DOLLARS... a TOTAL LOSER."
Bickering Over Building Work
During a face-to-face visit to inspect Federal Reserve renovations, Trump claimed costs had skyrocketed to $3.1 billion from an estimated $2.7 billion. Powell vigorously denied this, noting that Trump had included a building constructed five years prior. When asked what he would do to a project manager who overspent, Trump replied, "Generally speaking, I'd fire him."
Independence Under Threat
In early January, Powell released a video revealing that federal prosecutors had opened a criminal investigation into his Senate testimony about the renovations. Trump said he knew nothing about it. Powell warned that the "unprecedented action" by the Department of Justice (DoJ) should be seen as part of broader administration pressure, questioning whether the Fed could remain independent. Republican Senator Thom Tillis then said he would not support Trump's nominee for Fed chair, Kevin Warsh, while the probe continued. Earlier this month, the DoJ dropped the investigation, and Tillis said he looked forward to supporting Warsh's confirmation.