“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.

In Washington, a growing tension between the White House and the Federal Reserve unfolds. The Fed maintains its interest rate steady, adopting a 'wait and see' approach amidst the economic policies of the Trump administration.