'Dishonest!' MAGA senator melts down as 'fearmongering' Fed defies Trump
Sen. Bernie Moreno (R-OH) melted down Wednesday after Federal Reserve Chairman Jerome Powell left interest rates unchanged following the latest Federal Open Market Committee meeting.
President Donald Trump has pestered Powell to lower interest rates for months, even going so far as to publicly call Powell "stupid" for not listening to Trump's advice. Powell's term as Fed Chair is up in May 2026, and Trump has said he will announce a successor imminently.
Moreno penned a letter to Powell following the FOMC meeting, where the senator expressed "serious concern" about the body's decision-making process.
"The Fed appears to be giving credence to economists' latest anti-tariff argument," Moreno wrote in a letter obtained by Axios. "After raising inflation expectations with fearmongering, the Fed uses this as justification for not cutting rates.
"This circular logic is intellectually dishonest," the senator continued.
Unlike previous presidents, Trump has made significant strides to disrupt the independence of the Federal Reserve. The central bank was created as an independent agency, and a full term for the chairperson is 14 years, which is supposed to insulate them from the political whims of presidential administrations.
Trump appointed Powell during his first term.
Other Republicans have largely come to Powell's defense following Trump's attacks. For instance, Sen. John Kennedy (R-LA) said in April that Powell has "tiger's blood" for standing up to the pressure from the president.
Sen. Bill Haggerty (R-TN) has also complimented Powell for maintaining a "data-driven" approach to setting monetary policy.