Trump Again Pressures Powell to Resign as Senior Administration Officials Join In

"Should Resign Immediately": Another Call for Powell's Departure After April
FHFA Director Pulte: "Powell Was Deceptive... Calls for Dismissal"

U.S. President Donald Trump has once again pressured Federal Reserve Chair Jerome Powell to step down, as Powell remains unmoved by Trump's calls for an interest rate cut.

On July 2 (local time), President Trump wrote on his social media platform, Truth Social, "Too Late. He should resign immediately," and shared an article covering comments by Federal Housing Finance Agency (FHFA) Director Bill Pulte, who called for an investigation into Chair Powell.

According to the article, Director Pulte claimed that Chair Powell gave false answers regarding the Fed headquarters renovation project during a Senate Banking, Housing, and Urban Affairs Committee hearing on June 26, labeling it "deceptive testimony" and stating that this should be grounds for dismissal. President Trump's sharing of this article is interpreted as an attempt to further fuel public calls for Powell's resignation.

This is not the first time President Trump has demanded Powell's resignation. In April, he openly pressured Powell, stating, "Powell's term should end as soon as possible," and "If I want him to resign, he will step down very quickly." After facing strong criticism for undermining the central bank's independence, Trump later withdrew these remarks, but he has continued to criticize Chair Powell.

On June 30, Trump also publicly urged for a significant interest rate cut, saying, "You should lower rates substantially."

In contrast, Chair Powell has maintained his position that he will adhere to principles without being swayed by political pressure. He has continued to pursue a cautious monetary policy, stating that it is necessary to further observe the impact of external factors, such as tariff policies, on the economy. Since the start of the Trump administration's second term, the Fed has kept the benchmark interest rate unchanged for four consecutive meetings.