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No, Powell didn't resign

2 1
23.07.2025
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The Big Story

Fake Powell resignation letter dupes Trump World

Some Republican commentators and at least one lawmaker fell for a fake resignation letter purportedly penned by Federal Reserve Chair Jerome Powell.

© AP

The letter started to make the rounds of high-profile MAGA social media accounts after weeks of speculation about Powell's future.

Sen. Mike Lee (R-Utah) and conservative personality Benny Johnson were among those who shared the letter, which said Powell was set to resign at the close of business Tuesday. Both quickly deleted their posts.

The letter featured a number of typos, and the Federal Reserve’s seal was illegible and appeared to be generated by artificial intelligence.

Trump has for months berated Powell and complained about the Federal Reserve’s decision not to lower interest rates.

  • The president polled a group of House Republicans last week at the White House on whether he should fire Powell.
  • But the president has in recent days indicated he is inclined to let him serve the remainder of his term, which expires in May.

Meanwhile, top White House officials have zeroed in on a $2.5 billion renovation of the Federal Reserve’s Washington offices to ramp up scrutiny on Powell.

Those officials, which include deputy chief of staff James Blair and budget chief Russell Vought, have sidestepped questions about whether their probe of the costs is intended as a predicate for firing Powell.

 

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