'Numbskull, moron and too stupid': Trump and Powell's biggest clashes
Summary
President Donald Trump has repeatedly criticized Jerome Powell, the Federal Reserve chair, mainly because interest rates did not drop as quickly as Trump wanted. Powell is preparing to step down, and Trump has called him harsh names and questioned the cost of Federal Reserve building renovations.Key Facts
- Jerome Powell was appointed Federal Reserve chair by President Trump during his first term.
- Since returning to the White House in 2024, President Trump has frequently criticized Powell for not cutting interest rates fast enough.
- Powell’s Federal Reserve cut interest rates three times in 2025 but also waited to see effects of Trump's trade tariffs on inflation.
- Trump has called Powell names like "numbskull," "moron," and "too stupid" in public and on social media.
- Trump and Powell disagreed publicly over the cost of Federal Reserve building renovations, with Trump claiming higher costs than Powell acknowledged.
- Powell revealed a criminal investigation into his Senate testimony about the Fed's building renovations.
- President Trump said he did not know about the investigation into Powell.
- Powell is stepping down as chair to be replaced by Trump’s nominee, Kevin Warsh.
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