‘Numbskull, Moron and Too Stupid’: Trump and Powell’s Biggest Clashes

April 29, 2026 — It has been one of the most fractious relationships between an American president and a central banker in history.

Since returning to the White House, Donald Trump has repeatedly attacked Federal Reserve Chair Jerome Powell — mainly because interest rates have not fallen as quickly as the 47th president of the US would like.

Now, as Powell prepares to step down as chair to make way for Trump’s nominee Kevin Warsh, here’s a look back at some of the biggest clashes between the two.

A Surprise Appointment

Trump said last July: “He’s a terrible Fed chair. I was surprised he was appointed.”

Yet it was Trump himself who nominated Powell — in November 2017 during his first term, Trump said the Fed needed “strong, sound and steady leadership,” calling Powell the right person for the job: “strong,” “committed,” and “smart.”

‘Numbskull, Dummy, Moron’

Since returning to the White House, Trump has wanted the Fed to pick up the pace of interest rate cuts. The bank, which cut rates three times in 2025, wanted to see what effect Trump’s trade tariffs would have on inflation.

Whenever the Fed voted to keep rates on hold, Trump blasted Powell. Christening him “Too Late” in April last year, Trump said Powell’s “termination cannot come fast enough!” Criticism has escalated ever since.

“Numbskull,” “moron,” “a real dummy” — these are just some of the criticisms Trump has levelled at Powell in media appearances. He also posted on social media: “Jerome ‘Too Late’ Powell has done it again!!! He is TOO LATE, and actually, TOO ANGRY, TOO STUPID, & TOO POLITICAL, to have the job of Fed Chair.”

Bickering Over Building Costs

The two even had a public spat while wearing hard hats at a tour of Federal Reserve building renovations. Trump claimed the cost was about $3.1 billion, while Powell said he was “not aware of that.” Trump produced a piece of paper proving the higher costs, but Powell pointed out the president had included a building that was completed five years ago.

Asked what he, a former real estate developer, would do if a project manager went over budget, Trump replied: “Generally speaking, I’d fire him.”

Fed Independence

Powell has consistently defended the Fed’s independence, resisting political pressure. His departure marks a new era for the Federal Reserve under a leader closer to the president. Analysts warn this could affect market confidence in the Fed’s policy decisions.

Source: BBC News