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Donald Trump, speaking from the NATO summit in the Netherlands on Wednesday, confirmed he’s actively reviewing candidates to replace Federal Reserve Chair Jerome Powell, whom he is once again openly calling “a very stupid person.” While Powell was testifying on Capitol Hill for a second day straight, Trump was doing what he does best: being the pettiest person on earth. “He’s an average mentally person… Low IQ for what he does,” The US president said. “I think he’s a very stupid person, actually.” This embarrassing one-sided beef between Trump and Powell has been going on since last year on the campaign trail. Trump, who originally appointed Powell to lead the Fed in 2017, now blames him for keeping interest rates too high. Trump claims this refusal to slash rates is costing the federal government hundreds of billions of dollars in unnecessary interest payments. When asked if he’s already looking for someone new, he said, “Yeah, I know within three or four people who I’m going to pick.” He added that Powell’s term will be up “pretty soon, fortunately, because I think he’s terrible.” Powell’s current term, re-upped by President Joe Biden, runs until May 2026. Powell testifies as Fed holds rates steady despite pressure On Tuesday, Powell told the Senate Banking Committee that the Fed is not ready to cut rates yet. He pointed to the potential inflationary effect of Trump’s tariff policies. “Most forecasters expect a fairly substantial wave of price increases to come through to the consumer,” Powell said. While many Republicans in the Senate pushed him to act fast, Powell stayed firm. “If we make a mistake here, people will pay the cost for a long time,” he said. The Federal Open Market Committee voted unanimously last week to keep interest rates where they are, marking the…

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Filed under: News - @ June 25, 2025 6:20 pm