Federal Reserve Chair Jerome Powell says he has no time for President Donald Trump’s “cheap shots” against him.
The Fed’s leader, whom Trump appointed during his first term, said Tuesday that he instructs his team of bank regulators to ignore politically-charged insults and focus on delivering for the country.
“We don’t engage,” Powell said. “We don’t, you know—our argument [back] is doing our jobs. We don’t get into back and forth with external people. We just do our jobs. We keep our heads down and do our jobs. That’s what we do.”
Trump, 79, has unleashed unhinged attacks on Powell in his second term, who he often refers to as “too late.” He has primarily been irked that Powell hesitated to cut interest rates amid the economic uncertainty that arose as a result of his tariff crusade.
Among the insults Trump has hurled at Powell this year are: “Numbskull,” “stupid,” major loser,” “stubborn moron,” “total loser,” “real dummy,” “very stupid person,” and “one of the dumbest and most destructive people in government.”
Powell said Tuesday that the Fed’s decision to cut interest rates last week ultimately was due to weakening labor market conditions, not because Trump pressured him.
Powell has defended himself at times from Trump’s attacks, but has refused to return fire with harsh insults of his own. However, the 72-year-old did fact-check Trump to his face as they toured the Federal Reserve’s recent renovations in July.
Powell told the Greater Providence Chamber of Commerce on Tuesday that his relative restraint is intentional.
“We’re based in Washington, D.C., and many, many people you know—Congress, and you know—there are often things seen through a lens of, ‘Is it good for this party or bad, or bad for this party or this politician?” Powell said. “We’re just not looking at things that way. We’re looking at what’s the best thing for the people that we serve in the immediate term, what’s the best policy?”
He continued, “And no one, many people don’t believe us because they go, ‘Come on, come on, you’re really political,’ but the truth is, mostly people who are calling us political, it’s just a cheap shot.”
Powell’s tenure as Fed Chair is ending soon. While he has refused to resign, despite Trump’s desire for him to do so, Powell’s term is set to expire in May 2026. Trump is expected to fill his position with a “yes man.”
The post Fed Chair Reveals His Strategy for Dealing With Trump’s ‘Cheap Shots’ appeared first on The Daily Beast.
