Silver Rises Over 120% YTD 
President Trump escalated his criticism of Federal Reserve Chair Jerome Powell on Thursday, calling for his termination via Truth Social. Trump demanded immediate interest rate cuts, claiming Powell is “always TOO LATE AND WRONG” and should have followed the European Central Bank’s example of monetary easing.
This comes after Powell warned that Trump’s new tariffs (the steepest in over 100 years) would likely cause “higher inflation and slower growth,” creating tension between the Fed’s dual mandate of price stability and maximum employment. Powell noted these tariffs, some paused for 90 days, have already disrupted markets and created economic uncertainty.
Powell, whose term ends in May 2026, reaffirmed the Fed’s legal independence and commitment to resist political pressure. Meanwhile, Treasury Secretary Scott Bessent plans to begin interviewing Fed chair candidates this fall, despite Trump’s initially softer stance toward Powell at the start of his second term.
