Jerome Powell fires back at Donald Trump with sly dig at Princeton speech

Washington D.C.: Federal Reserve Chair Jerome Powell delivered a pointed call to defend democratic values during a Princeton University speech Sunday, offering what appeared to be a subtle rebuke of President Donald Trump’s attacks on institutions.

Speaking at a pre-graduation ceremony, Powell—a 1975 Princeton alum—urged students to prioritize integrity and public service.

“Fifty years from now, you will want to know you did what you thought was right,” he said, emphasizing that democracy requires active stewardship. His remarks came days after the Supreme Court affirmed Fed officials’ independence from political interference, shielding Powell from Trump’s repeated threats to fire him over interest rate disputes.

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The Fed chair also praised U.S. universities as a “crucial national asset,” contrasting with the Trump administration’s recent funding cuts to Harvard over ideological clashes. Though he never named Trump, Powell warned that democratic norms and institutions face threats, urging graduates to “preserve and strengthen” them.

Trump has lambasted Powell as a “fool” and “major loser” for resisting pressure to slash rates, accusing the Fed of sabotaging the economy to aid Democrats. Powell has dismissed the president’s firing threats, citing legal protections, while warning that Trump’s trade policies risk inflation and economic slowdowns.

The speech, blending personal reflection and political subtext, marked a rare moment of defiance from the typically reserved Fed chair—framing the next generation’s role as guardians of stability in turbulent times. Princeton’s graduation is set for May 27.