The Federal Reserve's official website also quickly posted Powell's statement.

Trump's continued pressure at this time may have the following considerations:

1. Political level: Although Powell's term as Federal Reserve Chair will end in May 2026, his term as a board member extends until January 2028. Historically, it is extremely rare for a departing Chair to remain as a board member (the last time was after World War II with Marin Eckerls). This would cause great embarrassment—when the new Chair is making policy, sitting beside him is a highly respected former Chair with dissenting views. The former Chair would inevitably become the opposition leader, making it difficult for the new Chair to establish authority, and could even lead to divisions within the Federal Reserve. Therefore, Trump is essentially applying extreme pressure on Powell in advance, using legal measures to discredit and push him to resign along with his board seat. This could also serve to intimidate other Fed officials: if they do not cooperate with the White House, the consequence is personal legal risk.

2. Economic level: In corners we cannot see (especially commercial real estate, private credit, credit cards, or small and medium-sized banks), asset quality has already deteriorated to a critical point. The prolonged high interest rates may cause a key liquidity valve to break soon. Trump’s team may have access to worse internal economic data than the public. They are urgently demanding the Fed to cut rates sharply now, stop balance sheet reduction (QT), and even restart QE to stabilize the economy. Powell’s emphasis on “based on evidence and economic conditions” means he is unwilling to cut rates early due to political pressure before official data (inflation, employment) collapse. This is unacceptable to Trump because if a crisis erupts, it could affect midterm elections. Trump might prefer to inflate the bubble further through liquidity before the crisis occurs.

Regardless of the final outcome, whether Powell stays or leaves, whether Haskett or Wosh takes over, the independence of the Federal Reserve has already been affected in fact. Once the Fed fully becomes a subordinate of the Treasury or White House (for example, if whoever takes office is just a subordinate of Bessent), the market may panic and seek safety, which is one of the deeper reasons for the continuous rise in gold prices.