“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.

Federal Reserve Chair Jerome Powell anticipates tariffs will influence inflation data in the coming months, although uncertainties remain. The Fed is holding interest rates steady, assessing the impact of tariffs on prices.