Trump again knocks 'too late' Jerome Powell as WH vets Fed candidates

Powell's term is set to expire in early 2028, meaning Trump will have the opportunity to replace him, though he has suggested he may seek to fire him earlier.

By Ben Whedon

Published: July 9, 2025 10:55am

President Donald Trump on Wednesday continued his criticisms of Federal Reserve Chairman Jerome Powell, asserting that he had kept interest rates too high.

"Anybody but 'too late,'" Trump posted on Truth Social, referencing Powell through one of his trademark nicknames.

"Our Fed Rate is AT LEAST 3 Points too high," he added. "'Too Late' is costing the U.S. 360 Billion Dollars a Point, PER YEAR, in refinancing costs. No Inflation, COMPANIES POURING INTO AMERICA. “The hottest Country in the World!” LOWER THE RATE!!!"

Powell's term is set to expire in early 2028, meaning Trump will have the opportunity to replace him, though he has suggested he may seek to fire him earlier. The president's authority to do so remains ambiguous.

In the meantime, Treasury Secretary Scott Bessent has emerged as a contender for the role, though the Wall Street Journal has reported that National Economic Council Director Kevin Hassett is a close contender.