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Trump Criticizes Jerome Powell: High Interest Rates Are a Disaster for the US
Donald Trump launched a sharp critique against Federal Reserve Chair Jerome Powell through a post on Truth Social on Monday, 5/4 local time. Including a satirical illustration, Trump emphasized that delayed monetary policy is a disaster for the U.S. economy. This criticism arises amid a surge in 10-year bond yields approaching 4.50% and mortgage rates now exceeding 6.5%.
Pressure on Jerome Powell is intensifying as his term ends on May 15, 2026. Last week, the Fed decided to keep interest rates at 3.50% - 3.75% through a vote that recorded the highest internal opposition since 1992. Meanwhile, Trump’s preferred candidate, Kevin Warsh, is scheduled to participate in a full Senate vote next week to determine the future leadership of the U.S. central bank.
This monetary policy uncertainty is worsened by geopolitical escalation in the Strait of Hormuz, which triggered a 5.95% jump in Brent crude oil prices to $114.61. The combination of energy inflation and leadership transition at the Fed creates significant pressure on crypto market sentiment and global capital markets.