A fresh civil war has broken out inside President Donald Trump’s MAGA administration – this time over interest rates, The Daily Beast reported Thursday.
The new war of words ignited this week after Trump-appointed Federal Housing Finance Agency Director Bill Pulte launched a series of aggressive social media posts against Federal Reserve Chair Jerome Powell, demanding his resignation.
“Because President Trump has crushed inflation, Fed Chairman Jerome Powell needs to lower interest rates today, and if not Chairman Powell needs to resign, immediately. Fannie Mae and Freddie Mac can help so many more Americans if Chair Powell will just do his job and lower rates,” Pulte wrote Wednesday.
The online tirade came just before the Fed announced it would leave interest rates unchanged this month, according to the Daily Beast report. Over the next 24 hours, Pulte fired off eight more posts blaming Powell for damaging the housing market and claimed the Fed chair didn’t have any idea what he could do to lift it.
“He is hurting Americans and hurting the mortgage market, which I am responsible for regulating,” Pulte told his social media followers.
The meltdown is just the latest example of growing dysfunction in Trump’s orbit, and comes “as Republicans find themselves embroiled in another civil war over the Trump administration’s handling of the Israel-Iran conflict, with figures like Tucker Carlson and Steve Bannon urging Trump to avoid involving the U.S. in another war in the Middle East,” according to the Thursday report.
Trump eventually joined Pulte’s attack on Powell, posting Thursday on Truth Social: "Too Late—Powell is the WORST. A real dummy, who’s costing America $Billions!”
Trump first nominated Powell to lead the Fed in 2017 and was reappointed by Joe Biden in 2022. Pulte was confirmed as FHFA director in January, and soon after installed himself as chairman of Fannie Mae and Freddie Mac.