President Trump on Monday mocked outgoing Federal Reserve Chairman Jerome Powell on social media with an AI-generated image of him falling into a garbage dumpster.
“’Too Late’ is a disaster for America! Interest rates too high!” Mr. Trump wrote on the Truth Social post, his nickname of Too Late for Mr. Powell.
The caption was over an image of Mr. Powell falling into a dumpster full of garbage.
Last week, an unusually divided Federal Reserve held interest rates steady at 3.5% to 3.75%. The president has argued that interest rates should be much lower and has relentlessly pressured Mr. Powell to reduce interest rates.
The Fed vote Wednesday was marked by a dramatic groundswell of officials who opposed messaging that further rate cuts could be ahead. While only one official dissented in favor of a rate cut, three others dissented over the language included in the statement announcing the rates would stay the same.
Mr. Powell’s term as Fed chairman ends on May 15, though he’s signaled that he wants to stay on as a member of the Fed board until an investigation into the renovations of the Fed headquarters is complete.
Jeanine Pirro, the U.S. Attorney for the District of Columbia, recently handed over the Justice Department’s investigation to the central bank’s inspector general. If the matter isn’t resolved and Mr. Powell stays on as a board member, he will be the first sitting chair who has not left since 1948.
Mr. Trump nominated Kevin Warsh as the next Fed Chair. Last week, the Senate Banking Committee advanced Mr. Warsh’s nomination to the full Senate, where a confirmation vote is expected next week.
