President Trump and Federal Housing Finance Agency Director Bill Pulte have renewed their attacks on Federal Reserve Chairman Jerome Powell.
In a posting on Truth Social, Trump wrote, “Mortgage Rates just hit a Three Year Low despite Jerome ‘Too Late’ Powell, and his never ending quest to keep Interest Rates high (against ‘TRUMP!’). It just shows that he has been wrong all along, because the Market is overtaking his obstinance. The Fed has been hurt and discredited during Too Late’s reign!”
Pulte followed up on the president’s lead, posting “Jerome Powell must resign immediately” and then shared data from a company called Truflation that claimed the US inflation rate has dropped to 1.20%. Pulte cited the Truflation figure – which bears no resemblance to the Bureau of Labor Statistics data showing inflation at 2.7% – while stating, “‘Too Late’ Jerome Powell is a disgrace, and after the below, he must resign very quickly.”
The new volley of abuse against Powell follows Wednesday’s oral arguments before the US Supreme Court where Solicitor General John Sauer faced significant skepticism from the justices in his defense of Trump’s effort to fire Fed Gov. Lisa Cook. On Jan. 11, Powell revealed Trump’s Department of Justice has threatened to indict him over claims that he committed perjury in a Senate hearing regarding cost overruns on renovations at the Fed’s headquarters.
