Furious Powell pulls Nuclear Option on Trump in Final Address
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What critical statements did Jerome Powell make about Trump?
Donald Trump was just hit with nightmare news as the Federal Reserve Chairman Jerome Powell just went nuclear on him. The announcement today was Jerome Powell's last address regarding the interest rates and whether they would be cut or not. The Fed ultimately decided to leave interest rates unchanged. But a statement that came out from the Fed is very telling, whereas previously the way inflation was described was somewhat elevated. Right now, inflation is being described as increasing. actually elevated. And then when Federal Reserve Chairman Jerome Powell spoke, he said a number of things demonstrating just how catastrophic Donald Trump has been for the economy, making the dual mandate of the Federal Reserve
virtually impossible as Trump has created essentially a stagflation environment.
What was the Federal Reserve's decision on interest rates?
Notably, Federal Reserve Chairman Jerome Powell also stated that the legal action and the attacks on the Federal Reserve by the Trump regime are unprecedented in the institution's history. And Jerome Powell says that he fears for the independence of the Fed. Powerful words indeed. And Chairman Powell also said that that when his term ends in May, as it's about to end, and a new Federal Reserve chairman, it's going to be that guy Warsh who was hanging out with Epstein, he's in the Epstein files, when he becomes the new chairman of the Federal Reserve, Powell said, I'm not leaving. This is the first time that the chairman of the Federal Reserve has not left since 1948 after fulfilling their term as the chairman of the Federal Reserve.
Oftentimes you go into retirement and you don't just stay on as a Federal Reserve governor. But he goes, no, I'm gonna stay on. I'm gonna do my job quietly because he fears for the independence of the Fed. And he also knows that if he leaves, Donald Trump is likely going to continue to attack him. So he goes, nope, I'm gonna stay and I'm gonna see this out. I wanna show you specifically what Federal Reserve Chairman Jerome Powell was saying at his last address regarding interest rate cuts, where he said no interest rate cuts also. It certainly doesn't seem that there's going to be interest rate cuts anytime this year. I can't even imagine next year. I think, if anything, interest rates will likely be raised next year.
And if you're saying, well, Ben, isn't Donald Trump picking his guy to be the chairman? And aren't they going to all then lower the interest rates? They really don't have the votes for that overall, especially if Jerome Powell is staying on, which he's doing because he doesn't trust the Trump regime. And when you look at PCE inflation right now, it's at 3.5% year over year in March, with core PCE at 3.2%, with near-term inflation expectations having moved higher, while long-term expectations do remain consistent with a 2% target. But that target keeps getting moved back and back and back and back. as Donald Trump keeps on engaging in conduct that's causing inflation. Here's what Jerome Powell said during his press conference, where he goes, energy prices haven't even come close to peaking yet.
Here, let's play this clip.
For a long time, we've been
How does Jerome Powell describe the current inflation situation?
working on the hypothesis really that tariffs would lead to a one-time price increase and that that would go away over time. In other words, that there would be no further change. So measured inflation wouldn't reflect that higher level going up more and more. And it's time for that to happen. We really do expect that to be happening in the next two quarters. So we'll be watching very carefully to see that what we've thought all along would happen. That's kind of critical part of the forecast. We need to really see that. With energy, it's so hard to say. I mentioned in sort of the textbook, you would look through an oil shock because they tend to be short-lived and they tend to revert. And monetary policy works with long and variable lags.
you wouldn't necessarily react right away. I think that is all the more true given that we're several years above 2% inflation and that we're already looking through the tariff shock.
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Chapters
7 chapters
1
What critical statements did Jerome Powell make about Trump?
0:00–0:53
2
What was the Federal Reserve's decision on interest rates?
0:53–3:12
3
How does Jerome Powell describe the current inflation situation?
3:12–4:38
4
What unprecedented actions has Trump taken against the Federal Reserve?
4:38–6:56
5
Why does Powell choose to remain on the Federal Reserve board?
6:56–10:35
6
What are the implications of Trump's economic policies on job growth?
10:35–14:18
7
How does Powell assess the impact of energy prices on inflation?
14:18–14:41