Amid escalating pressure from President Donald Trump, a false rumor has gone viral online claiming that Federal Reserve Chair Jerome Powell has resigned. However, there is no official confirmation, no credible media report, and no statement from Powell himself indicating any such resignation.
🔍 What’s Going Viral?
Multiple posts on social media claim that Powell has stepped down following:
- Trump’s July 8 demand on Truth Social for Powell to resign,
- Allegations involving the $2.5 billion Fed HQ renovation,
- And speculation over the Fed’s anticipated rate cuts in September 2025.
✅ What’s the Reality?
- Jerome Powell is still serving as the Federal Reserve Chair.
- The Federal Reserve website and all official communication show no resignation notice.
- Major financial institutions and news agencies such as Reuters, Bloomberg, and the Wall Street Journal have not reported any such resignation.
- The viral claims appear to stem from misinterpretations of political pressure, not facts.
💬 Trump’s Role & Criticism
President Trump has been vocally critical of Powell for years — especially over:
- Interest rate hikes or delays in cuts,
- Alleged lack of urgency in supporting economic stimulus,
- And more recently, over the Federal Reserve HQ renovation, which Trump calls “excessive and corrupt.”
Trump has also supported a congressional probe into Powell’s conduct related to the renovation, calling him “terrible” and dubbing him “Too Late” for not slashing interest rates.
📉 Fed Rate Outlook
At present:
- The Fed has maintained rates in the 4.25%–4.5% range.
- June meeting minutes and a Goldman Sachs report suggest a 25-bps cut in September is likely.
- However, Powell has not bowed to political pressure, and Fed decisions remain data-driven and independent.
🧾 Bottom Line
- Jerome Powell has not resigned.
- Viral claims are false and misleading.
- He continues to lead the Federal Reserve as speculation about September rate cuts and political scrutiny grows.