President Donald Trump reignited tensions with Federal Reserve Chair Jerome Powell through a viral social media post that drew millions of views and led to brief market reactions.
Trump posted a satirical “You’re Fired!” cartoon on Truth Social, depicting Powell in a boardroom scene with a cardboard box and a potted plant beside him.
Trump stood in the illustration, pointing toward Powell with the well-known phrase linked to his television persona.
The cartoon, generated using MakeaMeme.org, spread quickly, collecting more than 4.5 million views and 250,000 likes within a day. Accompanying the post, Trump shared a chart claiming that mortgage rates dropped from 6.94% to 6.26% during his presidency.
The response was split, with supporters amplifying Trump’s message and critics cautioning that the theatrics could destabilize markets.
Analysts observed that the viral content added volatility, particularly ahead of trading sessions.
Policy Disputes and Fed Independence
Trump’s criticism centers on Powell’s recent policy decisions. On September 18, the Federal Reserve cut interest rates to 4.75–5%, a move Trump deemed insufficient.
He has called for deeper cuts, arguing that high borrowing costs suppress economic growth.
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Powell addressed the issue on September 23 in Providence, pointing out the Fed’s independence. “We serve the public, not politics,” he said, reinforcing that monetary policy decisions remain separate from electoral pressures.
Legal experts noted the boundaries of executive authority. Former Fed Governor Randall Kroszner explained that Supreme Court precedent requires “for cause” grounds to remove a Fed chair, limiting any unilateral attempt by a president.
A July 16 report disclosed that Trump drafted a letter to dismiss Powell during his presidency but refrained after concerns over market reactions.
Market Impact and Political Dimensions
The meme coincided with short-term market shifts. On September 28, Dow futures dropped 0.5% in pre-market trading, while 10-year Treasury yields increased by five basis points to 4.15%.
Economists pointed to investor sensitivity, noting that political statements about monetary policy can influence sentiment even when they carry no direct authority.
The incident also impacted the political arena. Representative Anna Paulina Luna (R-FL) echoed Trump’s remarks, writing: “Jerome, if you don’t lower rates, you’re fired!” The exchange added to broader concerns about political interference with central bank autonomy.
However, Moody’s Analytics chief economist Mark Zandi described the cartoon as “market-moving noise,” highlighting the uneasy balance between political expression and economic stability.
With midterm elections set for 2026, the dispute illustrates how the Federal Reserve remains a focal point in debates over economic direction.
