Trump Shares Photo of Powell in Giant Trash Bin, Calls It "America's Disaster"

Posting a Mocking Image to Urge Rate Cuts

U.S. President Donald Trump posted an image mocking Jerome Powell, the outgoing chairman of the U.S. central bank, the Federal Reserve (Fed).

U.S. President Donald Trump posted a photo on his social media platform Truth Social showing Federal Reserve Chairman Jerome Powell falling into a large trash bin. Screenshot from Truth Social

On May 4 (local time), President Trump shared a satirical photo on his social networking service (SNS), Truth Social, showing Chairman Powell falling into a large trash bin. Along with the image, President Trump wrote, "'Too Late' is a disaster for America," and added, "Interest rates are too high."

'Too Late' is an epithet that President Trump has frequently used to criticize Chairman Powell for not responding sufficiently to his calls for a cut in the base interest rate. As in the past, President Trump's latest post and caption are being interpreted as a renewed criticism of Powell and a strong call for rate cuts.

Chairman Powell's term is set to end on the 15th. His successor, Kevin Warsh, has been nominated. If former Fed Governor Kevin Warsh, nominated by President Trump, is finally confirmed by the Senate, he will take over as chairman. The nomination has already passed the Senate Banking Committee, and it is widely expected to be approved by the full Senate as well.

However, while Chairman Powell will step down in accordance with his term, he has announced that he will remain on the Fed Board until the U.S. Department of Justice's investigation into the costs of renovating the Fed's headquarters is fully concluded. Chairman Powell's term as a board member, which is separate from his chairmanship, runs until January 2028. Traditionally, Fed chairmen have left the Board even if they had time remaining in their board terms after completing their tenure as chairman.

On April 29, President Trump also lashed out at Powell's decision to remain, saying, "He wants to stay at the Fed because he can't get a position anywhere else," and "No one wants him." The photo and post shared on this day are also being analyzed as an expression of President Trump's dissatisfaction with Powell's intention to stay on at the Fed.

Meanwhile, the U.S. federal prosecutors, who had temporarily suspended the criminal investigation into Chairman Powell, have hinted at the possibility of resuming the probe. On May 3, Janine Pirro, the U.S. Attorney for Washington, D.C., stated in an interview with CNN that the investigation into Chairman Powell would be closed unless problems were found in the Fed's internal audit. The New York Times (NYT) interpreted this as suggesting that if issues such as neglect of duty by Chairman Powell are uncovered in the internal audit, prosecutors may reopen the investigation.

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