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'You're fired': Trump mocks Fed chief Jerome Powell with cartoon over interest rate cuts

Trump revived his long-running clash with Jerome Powell by sharing a viral cartoon while demanding deeper rate cuts despite Fed independence

BY SAURAV SURESH

UPDATED SEP 28, 2025

Donald Trump posted a satirical cartoon targeting Jerome Powell on Truth Social (Anna Moneymaker/Getty Images, Michael M Santiago/Getty Images)

WASHINGTON, DC: President Donald Trump intensified his feud with Federal Reserve Chair Jerome Powell by posting a satirical cartoon on his social media platform, Truth Social. The cartoon depicts Powell being fired from a boardroom. The meme quickly went viral.

Meme that went viral

DETROIT, MICHIGAN - OCTOBER 10: Republican presidential nominee, former U.S. President Donald Trump, speaks at the Detroit Economic Club on October 10, 2024 in Detroit, Michigan. Michigan is considered a key battleground state in the upcoming presidential election, holding 15 electoral votes. (Photo by Bill Pugliano/Getty Images) — Donald Trump spoke at the Detroit Economic Club on October 10, 2024, in Detroit, Michigan (Bill Pugliano/Getty Images)

Donald Trump shared the cartoon on Friday, September 27. It showed him pointing at Jerome Powell in a boardroom saying, “You’re Fired!” while Powell stood slumped, holding a cardboard box and a potted plant.

Alongside the meme, Trump shared a chart claiming mortgage rates fell from 6.94% to 6.26% under his presidency.

The cartoon, created through MakeaMeme.org, reached over 4.5 million views and 250,000 shares within 24 hours.

Donald Trump expresses frustration with Jerome Powell’s monetary policy

This attack reflected Donald Trump’s ongoing frustration with Jerome Powell’s cautious approach to monetary policy. Despite a Fed rate cut on September 18 to 4.75–5%, Trump demanded deeper reductions and blamed Powell for slowing growth.

But on September 23 in Providence, Jerome Powell reaffirmed the Fed’s independence, stating, “We serve the public, not politics.”

Federal Reserve Chairman Jerome Powell testifies before the Senate Committee on Banking, Housing, and Urban Affairs during a hearing to “examine the Semiannual Monetary Policy Report to the Congress” on Captiol Hill on June 25, 2025 in Washington, DC. Powell says that the central bank will wait for clearer economic signals on the effects of President Donald Trump's tariffs on the economy before cutting interest rates, despite pressure from the President and divisions among Fed officials. (Photo by Kent Nishimura/Getty Images) — Jerome Powell testified before the Senate Committee on Banking, Housing, and Urban Affairs on June 25, 2025, in Washington, DC (Kent Nishimura/Getty Images)

Legal experts, including former Fed Governor Randall Kroszner, noted that Trump has no authority to fire Jerome Powell unless there is a clear legal cause, citing a Supreme Court precedent.

According to to a New York Times report from July 16, Trump even drafted a letter to dismiss Powell but held back after market jitters. Economists added that mortgage rate shifts are driven mainly by Fed policy and inflation, not presidential influence.

Viral cartoon briefly rattles markets

The cartoon caused brief market turbulence. Dow futures fell 0.5% pre-open on September 28, while 10-year Treasury yields rose five basis points to 4.15%.

Rep. Anna Paulina Luna (R-FL) echoed Donald Trump’s rhetoric by tweeting, “Jerome, if you don’t lower rates, you’re fired!”

The clash is unfolding ahead of the 2026 midterms, sparking fresh concerns about Jerome Powell’s independence. Mark Zandi of Moody’s called the cartoon “market-moving noise,” underscoring the tension between political theater and financial stability.

Public reactions to Donald Trump’s Jerome Powell cartoon

Donald Trump’s meme strategy blended nostalgia, policy criticism, and political drama, keeping Jerome Powell in the spotlight while raising questions about presidential influence over the Fed.

Reactions were split. Trump supporters hailed him as bold and even predicted a “golden age,” while critics warned the tactic risked financial disruption and undermined trust in the central bank.

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