The feud between President Donald Trump and Federal Reserve Chairman Jerome Powell continues, with Trump posting a photo of Powell falling in the trash on X.

“‘Too Late’ is a DISASTER for America! Interest Rates too high!” Trump tweeted with a graphic depicting Powell falling into a dumpster. Powell, who has stated that he will remain as chairman, has been feuding with Trump for over a year.

The tension has been a defining example of a clash between political leadership and central bank independence in the United States. At the heart of this feud lies a disagreement between interest rate policy and the broader direction of the U.S economy, which began in April of 2025.

POWELL STAYING ON AS FED BOARD GOVERNOR ‘VIOLATES ALL NORMS,’ BESSENT SAYS

During Trump’s presidency, he has repeatedly criticized Powell for raising interest rates and arguing that tighter economic policy risked slowing down economic growth and weakening the stock market. Trump, who originally appointed Powell to his position in 2017, has openly expressed frustration, suggesting that the Federal Reserve was undermining his administration’s economic agenda.

Powell, on the other hand, has consistently defended the independence of the Federal Reserve, emphasizing that its decisions are based on economic data rather than political considerations. Under his leadership, the Federal Reserve has aimed to balance inflation control with employment growth.