“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.

The central bank chief said he believes the Fed board would have decided to lower rates further until Trump launched his mercurial on-again, off-again tariffs policy, which could wind up raising