šļø 1. Trump intensifies criticism of Powell
President Trump has repeatedly blasted Powell as "dumb," "hardheaded," and a āstubborn mule,ā even suggesting heād be happy if Powell resigned and alleging āno intentionā to delay naming a successor .
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š 2. Tariffs and inflation: Powellās ongoing warning
During his semiāannual testimony to Congress (June 24ā25), Powell reiterated that Trumpās broad tariffs might spark inflation over the summer .
He emphasized that while tariffs could cause price increases, their persistence is still uncertain, so the Fed is exercising caution $
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š 3. Rateācut debate heats up within Fed
The Fed maintained its policy rate at 4.25ā4.50% at its June 18 meeting .
Powell stated thereās no rush to cut rates and that clearer inflation data is needed .
However, some officials like ViceāChair Michelle Bowman argue a July rate cut should at least be on the table .
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š 4. Possible early nomination for his successor
Trump mentioned having "three or four" candidates in mind for replacing Powell, including potential picks like KevināÆWarsh, KevināÆHassett, ChristopherāÆWaller, and ScottāÆBessent .
Though he suggested a naming could come this summer, the White House insists no imminent decision has been made .
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šØ 5. Powell defends Fed building renovation costs
Under questioning by Senator Tim Scott, Powell clarified that the $2.4āÆbillion Eccles Building renovation was necessary for safety, waterproofing, and operational consolidationāno lavish extras included .
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š Summary
Political tension: Trumpās public criticisms are escalating and raising concerns about Fed independence.
Dataādriven outlook: Powell remains cautious on rate cuts, awaiting clearer inflation signals.
Leadership speculation: Trump may name a successor before Powellās term ends in May 2026, though no official timeline has been set.
Operational matters: Powell continues to justify major Fed expenditures responsibly.
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