Trump’s threats against Powell represent a continuation of a pattern that began during his administration, but they also fit into a longer history of presidential dissatisfaction with Fed policies. Previous presidents have expressed disagreement with monetary policy decisions, though typically through more private channels.

With Treasury Secretary Scott Bessent not in the running, President Trump said that he has narrowed his list of replacements to four people.

Amid economic uncertainty and a soft July jobs report, Trump criticizes Fed Chair Jerome Powell as “highly political” and weighs replacements, fueling debate over U.S. monetary policy.