Donald Trump posted on TruthSocial on 30 September 2026 demanding Jerome Powell's resignation as Federal Reserve Chair, citing alleged mismanagement of the Fed headquarters renovation project. Trump stated projected costs stand at a minimum of $2.5 billion with potential overruns reaching $3.5–$4 billion. Bloomberg Markets separately reported that Trump's demand targets Powell's continued role on the Federal Reserve Board of Governors, noting his tenure as Chair ended in 2024.
Trump stated he has asked Attorney General Todd Blanche to review an inspector general's report on the renovation project and determine what legal action may be appropriate, with Trump threatening a government lawsuit if Powell does not resign.
The US Dollar Index (DXY) and the 10-year US Treasury yield (US10Y) are directly connected to this event as instruments sensitive to Federal Reserve independence and monetary policy continuity. The S&P 500 index (SPX) reflects broad equity market exposure to uncertainty over the Fed's institutional stability.
CNBC reported on 1 October 2026 that plans were also under consideration to remove Federal Reserve governors Lisa Cook and Michael Barr alongside Powell, though court precedents and legal procedures were noted as potentially significant constraints on such removal efforts, with any action likely requiring lengthy litigation.
Sources: investinglive.com, Cnbc TOP, Bloomberg Markets