❓WHAT HAPPENED: President Donald J. Trump renewed pressure on the Federal Reserve to slash interest rates on Tuesday, citing experts criticizing the central bank’s handling of rates and calling for significant reforms.
👤WHO WAS INVOLVED: President Trump, Jay Hatfield—CEO and Portfolio Manager of Infrastructure Capital Advisors, Greg Faranello—Executive Director of AmeriVet Securities, and Federal Reserve Chairman Jerome Powell.
📍WHEN & WHERE: Tuesday, September 9, 2025.
💬KEY QUOTE: “They don’t believe that money supply matters, it’s like the Pope not believing in Jesus.” – Jay Hatfield
🎯IMPACT: The criticism highlights growing concerns about the Federal Reserve’s approach to monetary policy and its potential consequences for the U.S. economy.
President Donald J. Trump took to Truth Social on Tuesday morning with renewed criticism of the Federal Reserve and its chairman, Jerome Powell. The America First leader cited comments by Jay Hatfield, CEO and Portfolio Manager of Infrastructure Capital Advisors, and Gregory Faranello, Executive Director of AmeriVet Securities, who argue that the central bank’s incompetence—rather than its independence—is the paramount concern.
“If the Fed had followed what we published, they would have raised rates in early 2021. The entire Organization is broken. It needs to be fixed,” Trump, quoting Hatfield, wrote, continuing: “They need to use modern sources of information. We strongly disagree with Ken Griffin. We think Incompetence is more important than to defend theoretical independence. He (‘Too Late!’) has done a terrible job since he adapted a two target? It’s too low, it’s too rigid, they followed Data that’s years delayed.”
Again quoting Hatfield, President Trump wrote: “They don’t believe that money supply matters, it’s like the Pope not believing in Jesus.”
Following up on Hatfield’s call for significant structural and policy reform at the Federal Reserve, President Trump next pointed to Gregory Faranello’s prediction that the central bank will have to significantly slash interest rates over the next few months. Quoting Faranello, the Truth Social post reads: “Chair Powell was late to raise rates, they need to come down here, there’s no question about it. He’s dragging his feet. The Feds going to come down here 50, 75, Maybe 100.”
The National Pulse previously reported that Chairman Powell, during the Fed’s annual Jackson Hole conference in August, signalled the central bank would likely move to cut interest rates at the September meeting of its Federal Open Market Committee (FOMC). While a 25 basis point (bps) cut appears to be the Wall Street consensus, jobs reports—which indicate a significant slowdown in the U.S. labor market—could push the central bank toward a 50bps cut. Some project rates could come down by as much as 100bps by year’s end or early next year.
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