President Donald Trump was raging against Federal Reserve Chairman Jerome Powell in the Oval Office on Wednesday when he appeared to forget he was the one who put him in charge.
The president, 79, has been complaining for months about the head of the central bank for failing to cut interest rates.
During his rant, Trump pulled one of the his favorite moves by blaming former President Joe Biden while blasting Powell being in office.
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“He’s a terrible Fed chair. I was surprised he was appointed,” the president vented. “I was surprised, frankly, that Biden put him in and extended him.”
However, it was Trump who appointed Powell to lead the Federal Reserve during his first term. In his Nov. 2017 announcement, the president praised Powell’s leadership, judgement and expertise.
It was Biden who then extended Powell’s tenure for a second term in Nov. 2021 as the U.S. continued to recover from the coronavirus pandemic.
Trump’s comment was immediately picked up on social media.
“Dementia? And yes let’s once again imagine the reaction not just from Fox but the entire DC media if Biden said this,” liberal political commentator and MSNBC host Lawrence O’Donnell posted on X.
Whether it is remembering his role in appointing Powell or simply refusing to admit to it, the detail does not fit with the narrative Trump has been pushing that he only hires the “best” while also fuming over Powell.
On Wednesday, the president called Powell “too late” on cutting interest rates and terrible. He has also blasted him as a “loser” and a “knucklehead” and written numerous social media posts berating him.
“It’s not a tough job to be honest, assuming you’re smart, it’s not a tough job. If you’re a dummy then I guess it’s a tough job,” Trump vented.
The president’s latest attacks on Powell from the Oval Office came as he was responding to reporters’ questions over whether he was preparing to fire the Fed chair.
Trump denied he was going to axe Powell as his term is set to expire next year, but the president said he was looking for Powell’s replacement.
He also suggested Powell was guilty of fraud over the $2.5 billion cost of renovations at the Federal Reserve. Powell has asked the inspector general to review it as Trump officials have piled on the criticism.
“I am confident that Jay has the wisdom and leadership to guide our economy through any challenges that our great economy may face,” Trump said while appointing Powell in 2017.
However, inflation surged coming out of the coronavirus pandemic and peaked at more than nine percent in mid-2022.
The Federal Reserve raised interest rates to combat the soaring inflation. They started cutting rates in 2024 but have not done so since Jan. 2025, keeping the federal funds rate between 4.25 to 4.50 percent.
“We want to see lower interest rates. Our country deserves it,” Trump argued on Wednesday.
Powell has said the Federal Reserve would likely have lowered rates further if not for the president’s tariffs, which are expected to increase prices.
The latest data showed inflation ticking up last month bringing price increase to the highest annual rate since February.
