“The board just sits there and watches, so they are equally to blame,” Trump said. The attack on the board ratchets up pressure on individual Fed officials, such as Governor Chris Waller, who have been mentioned as potential successors to Powell, whose term ends in May 2026.

Federal Reserve Chairman Jerome Powell on Tuesday blamed President Donald Trump’s tariffs for not cutting interest rates, but largely withheld further criticism despite facing heated attacks from the president this week.