Peter Navarro sharply criticized Federal Reserve Chairman Jerome Powell, accusing him of politicizing the central bank, mishandling the economy, and contributing to the inflation crisis now being addressed under President Donald Trump.
Navarro made the remarks while discussing Powell’s record at the Federal Reserve and an ongoing investigation related to the Fed’s internal operations.
Navarro began by challenging Powell’s leadership and the broader claim that the Federal Reserve has remained politically neutral during Powell’s tenure.
“Respect to Chairman Powell. First of all, the Fed is politicized. Chairman Powell is the worst Fed Chair since Arthur burns, and he is the poster child for politicizing the Fed,” Navarro said.
He argued that Powell’s continued position as chair is tied to his role during the Biden-Harris administration, particularly amid rising inflation.
“The only reason why he is still there is because he papered over the fiscal year responsibility of Joe Biden and got America into an inflation crisis that President Trump is in the process of curing. So spare me on that,” Navarro said.
Navarro also addressed reports that Powell is facing scrutiny over claims involving renovations and spending at the Federal Reserve.
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He questioned Powell’s explanations and said the facts would ultimately come out through an investigation.
“But if you actually look at what, what he’s he’s being investigated for. I mean, look the guy, it looks like there’s like luxury elevators and dining rooms. He claims that the thing was never renovated before, when, in fact, it was. Let’s see what the investigation says,” Navarro said.
He accused Powell of deflecting responsibility for economic problems by blaming external factors such as tariffs rather than his own policy decisions.
“Powell gets up there and says it’s politicized, and it’s the tariffs, it’s the problem. Why the cost went, come on, Jay, come on, Jay, just do your job,” Navarro said.
Navarro went on to argue that Powell’s track record includes repeated mistakes that have inflicted severe economic damage.
“You since you got there, you made three major blunders have cost this economy a trillion dollars easily,” he said.
He emphasized that the investigation into Powell’s conduct will be critical in determining whether misleading statements were intentional.
“So let’s see what happens with this investigation. The only question is Maria, we know he made false statements. The only question is whether he was aware and did it with malice,” Navarro said.
Navarro added that either outcome would raise serious concerns about Powell’s leadership at the Federal Reserve.
“And think about that, if he was ignorant about it, that tells you how ignorant he is when he runs Fed policy,” Navarro said.
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