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By Shane Croucher
Senior Editor
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Federal Reserve Chair Jerome Powell said he is entirely focused on his job when asked if the attacks by President Donald Trump make his job harder.
"I'm very focused on just doing my job," Powell said at a European Central Bank (ECB) forum in Portugal on Tuesday.
"The things that matter are using our tools to achieve the goals that Congress has given us: maximum employment, price stability, financial stability. And that's what we focus on 100 percent."
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Trump has called Powell's competence and intelligence into question, accusing him of holding back the American economy because he has not cut interest rates sooner. Trump wants a reduction of as much as 3 percentage points in rates.
However, Powell and the Fed's Board of Governors are waiting for more data on the impact of Trump's trade policies, particularly his sweeping tariffs, on prices before making a move on its key target rate, which is currently 4.25 percent to 4.5 percent.
Although employment numbers are strong and inflation is relatively low, they and other economists foresee inflation accelerating as a result and fear that a premature rate cut would speed up price rises.
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Powell Sidesteps Fed Future Question
Trump has also called for Powell to resign and made clear he wants someone else at the helm of the Fed.
"I have a little more than 10 months left on my term as chair, and all I want, and all anyone at the Fed wants, is to deliver an economy that has price stability, maximum employment, financial stability," Powell said at the ECB panel event.
"What keeps me awake at night is how do we get that done? I want to hand over to my successor an economy in good shape, and so do all of my colleagues, that's all we ever want."
Asked if he wanted to stay on once his current term expires, Powell replied: "I have nothing for you on that today."
Trump Lashes Out at Powell
Trump had again lashed out at Powell and the Federal Reserve in a post on Truth Social, having previously called him "very dumb, hardheaded."
"Jerome 'Too Late' Powell, and his entire Board, should be ashamed of themselves for allowing this to happen to the United States," Trump posted on Monday, along with an image showing how high U.S. rates are in comparison to other countries.
"They have one of the easiest, yet most prestigious, jobs in America, and they have FAILED — And continue to do so. If they were doing their job properly, our Country would be saving Trillions of Dollars in Interest Cost.
"The Board just sits there and watches, so they are equally to blame. We should be paying 1% Interest, or better!"
Update 7/1/25, 10:51 a.m. ET: This article was updated with additional information.
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