Trump supporters on Wall Street are desperate for the federal investigation into Federal Reserve Chair Jerome Powell to end, according to a report.
Financial heavyweights fear the latest probe into one of the president’s nemeses could spook markets and hinder the economy, Fox Business correspondent Charlie Gasparino writes in the New York Post.
“This thing is next level dumb and I’m largely a fan of the president,” one Trump supporter on Wall Street told Gasparino. “It actually makes it harder now for the Fed to cut rates because they will look like they were intimidated, which will make it harder to sell our debt.”
Another Wall Street executive who has spoken to Trump’s inner circle told Gasparino he believes senior White House staff feel the president is “screwing things up” with the investigation into Powell, though no one is willing to say so publicly. “It’s also unclear if they have made that case to Trump himself.”
The investigation, led by U.S. Attorney Jeanine Pirro, a former Fox News host, centers on ballooning costs tied to renovations of the historic Federal Reserve buildings, as well as Powell’s testimony to the Senate Banking Committee in 2025 about those overruns.
In a rare public statement dismissing the probe, Powell said the “threat” of charges against him is motivated by the Federal Reserve’s refusal to bow to Trump’s pressure to cut interest rates when the president wanted them lowered.
Multiple Republican lawmakers have spoken out against the investigation into Powell, viewing it as another example of Trump’s retribution campaign against his adversaries—one that could damage the independence of the Fed.
Sen. Thom Tillis, who sits on the Senate Banking Committee, said he will refuse to support any of Trump’s nominees to the Federal Reserve Board of Governors in protest of the probe, including Powell’s eventual replacement.
Sen. John Kennedy warned that investigating the head of America’s central bank could rattle markets and drive up interest rates. “We need this like a hole in the head,” the Louisiana Republican told reporters.
Powell has also received support from the leaders of 16 central banks around the world, including Christine Lagarde, president of the European Central Bank, as well as the heads of the Bank of England, the Bank of Canada, and the Reserve Bank of Australia.
“The independence of central banks is a cornerstone of price, financial, and economic stability in the interest of the citizens that we serve,” the financial leaders said in a joint statement.
“It is therefore critical to preserve that independence, with full respect for the rule of law and democratic accountability. Chair Powell has served with integrity, focused on his mandate and an unwavering commitment to the public interest.”
Trump has claimed he did not “know anything” about the Department of Justice investigation into Powell—despite repeatedly threatening such action—and denied that it was related to Powell’s refusal to cut interest rates more aggressively.
The Daily Beast has contacted the White House for comment.
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