U.S. President Donald Trump passes a document to Federal Reserve Chair Jerome Powell to fact-check the numbers during a tour of the Federal Reserve Board building, which is currently undergoing renovations, in Washington, D.C., U.S., July 24, 2025.
Kent Nishimura | Reuters
President Donald Trump posted on Saturday a cartoon image depicting him firing Federal Reserve Chairman Jerome Powell.
The post on Truth Social was an image of himself pointing his finger and shouting “YOU’RE FIRED!” to Powell, who was holding a box with his belongings. Behind them is a depiction of the seal of the Federal Reserve.
The image appears to be “AI-generated or digitally illustrated,” according to visual analysis by ChatGPT.
Trump has repeatedly criticized Powell for his cautious approach to cutting interest rates, nicknaming him “Too Late Powell.” The latest threat came even as the central bank lowered rates earlier this month for the first time this year. Powell’s term as chair ends in May 2026.
The White House didn’t immediately respond to CNBC’s request for comment.
Firing the top central banker would be unprecedented as no U.S. president ever has attempted to do so, though others have criticized prior Fed chairs. A recent Supreme Court decision indicated that the president does not have the authority to remove Fed officials at will. Powell has said repeatedly that his firing is “not permitted under the law.”
The Trump White House has blasted Powell over renovations to the Fed’s Washington headquarters, raising suspicion that Trump could try to remove the Fed leader for cause. Although lately Trump has eased his criticisms of the Fed building, while continuing to be vocal about Powell hurting the economy by keeping rates too high in his view.
Trump attempted to fire Fed Governor Lisa Cook in August on alleged mortgage fraud. The Supreme Court is set to rule on that matter soon. The Department of Justice on Friday said in a Supreme Court filing that firing Cook for alleged misconduct would not harm the financial markets. Cook’s attorneys argued in a prior filing to the high court that her removal could ruin Fed independence.
So far, the financial markets have shown little reaction to Trump’s Powell threats or Cook’s attempted firing. Though many economists and investors believe firing Powell before his term ends could cause longer-term interest rates to rise on the notion the Fed would start to act in Trump’s interests and not according to its dual mandate from Congress of stable inflation and low unemployment.
