Donald Trump said Wednesday that he is “surprised” that “terrible” Jerome Powell was appointed as Fed Chair, appearing to forget that he appointed him.
“He should have cut interest rates a long time ago,” Trump said during an Oval Office meeting with the Crown Prince and Prime Minister of the Kingdom of Bahrain. “I think he does a terrible job. He’s costing us a lot of money.”
“He’s a terrible — he’s a terrible Fed chair,” he added, “I was surprised he was appointed. I was surprised, frankly, that Biden put him in and extended him. But they did.”
President Joe Biden did not appoint Powell, Trump did.
Trump nominated Powell to serve as the chairman of the Federal Reserve in 2017, replacing Janet Yellen at the helm of the central bank.
“I am confident that Jay has the wisdom and leadership to guide our economy through any challenges,” Trump said during the announcement at the time.
Powell has since been the subject of frequent criticism from Trump during his time in the White House. The Fed under Powell has held interest rates steady after lowering them in late 2024.
Trump has argued that the move is politically motivated and Powell only cut interest rates in 2024 to help the prospects of Democratic nominee Kamala Harris.
Despite criticizing him, Trump denied reports that he plans to fire Powell.
“We’re not planning on doing it,” he said, adding “I don’t rule out anything, but I think it’s highly unlikely, unless he has to leave for fraud.”
