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President Donald Trump ramped up pressure on Federal Reserve Chair Jerome Powell with a “You’re Fired” cartoon, reigniting speculation over whether a shake-up of the Federal Reserve Bank is imminent.
The meme, viewed over 4.5 million times on Truth Social, depicts a cartoon of Trump saying “You’re fired!” to a glum-looking Powell, who is holding a box of his office belongings.
🇺🇸 TRUMP JUST POSTED THIS !!!
A PICTURE OF HIM FIRING FED CHAIR POWELL. pic.twitter.com/Fmzk8UpeSZ
— Ash Crypto (@Ashcryptoreal) September 27, 2025
Trump has frequently criticized Powell for resisting calls to cut interest rates more aggressively and often threatened he will fire the Fed chief, whose term as chair expires in May 2026. Powell insists he will remain in office until his term expires.
Trump says Powell is hurting the economy by keeping rates too high.
Trump also blasted Powell over renovations to the Fed’s Washington headquarters, which the Fed chief dismissed as factually incorrect.
Market Jitters
The satirical post once again threatens the independence of the Fed under Trump’s administration.
According to observers, any attempt to politicize rate decisions or leadership could unsettle investor confidence and raise constitutional and institutional questions.
Financial markets are jittery over the possibility of an early Powell departure, with a research paper by Babson College warning that it could cause markets to lose between $880 billion and $1.5 trillion.
The crypto market has tumbled 1% to $3.86 trillion in the past 24 hours, according to CoinGecko. Bitcoin is currently trading at $109,423 as of 3:07 a.m. EST, while Ethereum has reclaimed the $4,000 level.
Under existing law, however, a Fed chair cannot be dismissed without cause. The US Supreme Court signaled in May that Powell is likely shielded from removal, suggesting Trump may lack clear authority to oust him.
Without the clear legal authority to fire the Fed chair, Trump’s administration has sought to exert pressure on the Fed through other routes.
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