Furious Powell pulls Nuclear Option on Trump in Final Address

just went nuclear on him. The announcement today was Jerome Powell's last address regarding

“the interest rates and whether they would be cut or not. The Fed ultimately decided to leave”

interest rates unchanged, but a statement that came out from the Fed is very telly, whereas previously the way inflation was described was somewhat elevated. Right now inflation is being described as actually elevated. And then when Federal Reserve Chairman Jerome Powell spoke, he said a number of things demonstrating just how catastrophic Donald Trump has been for the economy, making the dual mandate of the Federal Reserve virtually impossible as Trump has created

essentially a stagnation environment, notably Federal Reserve Chairman Jerome Powell also stated that the legal action and the attacks on the Federal Reserve by the Trump regime are unprecedented in the institution's history. And Jerome Powell says that he fears for the independence of the

Fed powerful words, indeed, and Chairman Powell also said that when his term ends in May,

as it's about to end, and a new Federal Reserve Chairman's going to be that guy, Wash, who was hanging out with Epstein, he's in the Epstein files. When he becomes the new Chairman of the Federal Reserve, Powell said, "I'm not leaving." This is the first time that the Chairman of the Federal Reserve has not left since 1948 after filling their term as the Chairman of the Federal Reserve, oftentimes you go into retirement and you don't just stay on

as a Federal Reserve governor, but he goes, "No, I'm going to stay on. I'm going to do my job quietly because he fears for the independence of the Fed." And he also knows that if he leaves, Donald Trump is likely going to continue to attack him. So he goes, "No, I'm going to stay and I'm going to see this out." I want to show you specifically what Federal Reserve Chairman Jerome Powell was saying at his last address regarding interest rate cuts, where he said, "No interest

rate cuts also." It certainly doesn't seem that there's going to be interest rate cuts any time

“this year. I can't even imagine next year. I think if anything interest rates will likely be”

raised next year. And if you're saying, "Well, Ben, isn't Donald Trump picking his guy to be the chairman and aren't they going to all then lower the interest rates?" They really don't have the votes for that overall, especially if Jerome Powell is staying on, which he's doing because he doesn't trust the Trump regime. And when you look at PCE inflation right now, it's at 3.5% year over year in March with Core PCE at 3.2%, with near-term inflation expectations having moved

higher while long-term expectations do remain consistent with a 2% target, but that target keeps getting moved back and back and back and back. As Donald Trump keeps on engaging in conduct,

that's causing inflation. Here's what Jerome Powell said during his press conference, where he goes,

energy prices have it even come close to picking it. Here let's play this clip. For a long time, we've been working on the hypothesis, really, that tariffs would lead to a one-time price increase and that that would go away over time. In other words, there would be no further change. So, measured inflation wouldn't reflect that higher level going up more and more. And it's time for that to happen. We really do expect that to be happening in the next two

quarters. So, we're watching very carefully to see that what we've thought all along would happen, that's kind of critical part of the forecast. We need to really see that. With energy, it's so hard to say, I mentioned, you know, in sort of the textbook, you would look through it, and oil shock, because they tend to be short-lived and they tend to revert and monetary policy works with

“long and variable lags. So, you know, you wouldn't necessarily react right away. I think that is”

all the more true given that we're several years above two percent inflation, and that we're already looking through the tariff shock. So, I think we're going to be very cautious about that. It's but the question about about looking through energy really is not not in front of us right now. It hasn't even peaked yet. And I think we'd want to see the backside of that end progress on tariffs before we even thought about reducing rates. So, if I could follow up.

More from Jerome Powell here who says that he's got deep concerns regarding the independence of the Fed that are unprecedented in the history of the Federal Reserve play this clip. Thank you, Mr. Chair. Appreciate the conwards about the press often. Doesn't come from the podium in different places. Can you talk about what is gone into your decision to remain on the board? What kind of criteria are you weighing and how long might you

stay? Thank you. Sure. So, you know, my concern is really about the series of legal attacks on the Fed, which threaten our ability to conduct monetary policy without considering political factors.

I've never suggested that such verbal criticism is a problem and neither has anyone else here.

“But these legal actions by the administration are unprecedented in our 113-year history.”

And there are ongoing threats of additional such actions. I worry that these attacks are battering the institution and putting it risk the thing that really matters to the public, which is the ability to conduct monetary policy without taking into consideration political factors. It is so important for our economy, for the people that we serve, that they can depend over time on a central bank that operates that way free of political influence. It's part of the absolute

foundation of this amazing economy that we have. It's just one of the many reasons why the U.S. economy is the envy of the world. That piece of an institutional architecture separates successful countries from unsuccessful countries. It is extremely important, not for the people who work at the Fed in a given time, but for the people that we serve, that the Fed remain able to conduct monetary policy in a way that doesn't get pulled into politics,

trying to help or hurt any particular politician or political party. It's critical for the people

“that we serve. In terms of when I would leave, I will leave when I think it's appropriate to do so.”

Was that all your questions or was that? I just have a-- Then Chairman Powell talks about the real catastrophic inflation situation we're in now because of Donald Trump and his regime here play this clip. Inflation has moved up recently and is elevated relative to our 2% longer run goal. Estimate space on the consumer price index and other data indicate that total PCE prices rose

3.5% over the 12 months ending in March, boosted by the significant rise in global oil prices that has resulted from the conflict in the Middle East. Excluding the volatile food and energy categories, core PCE prices rose 3.2% over the 12 months ending in March. This relatively high rate largely reflects the effects of tariffs on prices in the good sector. Near-term measures of inflation expectations have risen this year, likely because of the

substantial rise in oil prices. Powell further talks about how inflation has moved up. Let's play this clip. Inflation has moved up and has elevated in part reflecting the reason increase in global energy prices. Today, the FOMC decided to leave our policy rate unchanged. We see the current stance of monetary policy as appropriate to promote progress toward our maximum employment and 2% inflation goals. Developments in the Middle East are contributing to a

high level of uncertainty about the economic outlook, and we will remain attentive to risks to both sides of our dual mandate. He talks about how there's been a slow down in job growth. One major driver is Trump's attack on immigrants. That's a major part of the labor force, but another major part is just stagnant job growth in general. Trump is a loser when it comes to jobs. Here play this clip. A good part of the slowing in the pace of the job growth over the

past year reflects a decline in the growth of the labor force due to lower immigration and labor force participation. Though labor demand has clearly softened as well. Other indicators, including job openings, layoffs, hiring, and nominal wage growth, generally show little change in recent months. And I've long said this folks, "Well, you're in a job's recession right now. You don't need to hear it from me. You know we're in a

job's recession right now. But are we talking about manufacturing jobs? And across the board,

“jobs Trump hasn't created any new jobs. You remember, under former president Biden,”

we're on a month and month basis. Like 300,000 new jobs were created 200,000 new jobs, 400,000 new jobs, and regardless of the later adjustments, massive jobs were created. The most in American history, the most jobs in American history under any presidency objectively, they were created under former president Biden, the Donald Trump. I'm going to do a better. I'm going to do a better. Just

give me two weeks. And then Donald Trump, not only made it worse, but just like Trump's first

term where he was a job losing president. Oops, he did it again because he's a lifelong loser who bankrupts things. More on Jerome Powell, right? Here we said he's not leaving the board. The federal reserve board play this clip. I welcomed the announcement last Friday by the US attorney for the Justice of Columbia that she had closed the criminal investigation. She also noted however that she would not hesitate to restart the investigation. Over the weekend, the Department

of Justice provided assurances that they will not reopen the investigation unless there's a criminal referral from the Fed's Inspector General. And, absent such a referral, if they do appeal the recent court decision, they would not seek as part of that appeal to restart the investigation or send new subpoenas. I've said that I will not leave the board until this investigation is

developments and I'm watching the remaining steps in this process carefully. My decisions on these

“matters will continue to be guided entirely by what I believe is in the best interest of the”

institution and the people we serve. After my term as chair ends on May 15, I will continue to serve as a governor for a period of time to be determined. I plan to keep a low profile as a governor. There's only ever one chair of the Federal Reserve Board. When Kevin Warsh is confirmed in sworn in, he will be that chair. Once sworn as board chair, his new colleagues will elect him to share the FOMC as well. And he's like, "Let me be clear. I'm literally staying because of the actions

being taken against me and the Federal Reserve in general." Because I was planning on retiring,

but because of these actions, that's one inspired me to stay because I feel that I have an obligation to protect the independence of this thing. So I'm going to make a sacrifice and stay on. Here, let's play this clip. What would you say to the criticism that by remaining on the board, you're actually taking a political action denying President Trump, the majority of the board, which as President, he would have if you left. I don't see that at all. And as I mentioned,

you know, I'm literally staying because of the actions that have been taken. I had low and planned to be retiring. And the things that have happened in the really in the last three months

“of, I think, left me no choice, but to stay until I see them through at least that long.”

In addition, I don't see how this will interfere. My attention is not to interfere. You know, in folks, you know, the price at the gas right now is atrocious. The average price for a gallon of gas in the U.S. is now rising to $4.23 a gallon. You know, here in California, it's like six bucks. It's the highest since 2022 nationally right now. Brent crude oil prices officially surge their highest level of the Iran war and $119.50 per barrel.

So in the entire war right now, the entire thing, we're at $119.50. And this comes as Donald Trump also was like, I love the blockade genius. We're just going to do the blockade forever. This puts Brent crude oil prices at their highest level since 2022. The IEA has called this

“the biggest energy security threat in history. And as I noted before, the Fed is no longer expected”

to do any interest rate cuts in 2026. And if Donald Trump just did freaking nothing, if he didn't nothing, he just let Biden's economy go on overdrive. It's why I say my little daughter, he met a would have done a better job than Donald Trump, because she would have just listened to Elmo and Abbey all day and they wouldn't have to beat all of the moves that hurt. Seriously, my 18-month-old would do better than Donald Trump in the presidency because she just be watching

Elmo and Miss Rachel. But Donald Trump screwed it all up, all of his moves. Now we can't do rate cuts. Now we're losing jobs. Now we're back in inflation where everything was moving in the right direction. Well, all of that's taking place. Donald Trump was in the awful office and I love the blockade genius. The blockade is a genius. Listen to what he said here play this clip. Well, the blockade is genius. Okay. The blockade is 100% full proof. It shows how good our

Navy is. I can tell you that nobody's in a play games. We have the greatest military in the world. And I built much of it during my first term and we've been building it since and the greatest anywhere in the world nobody even plus. And you see that, whether it's Venezuela, which, and they have a good military in Venezuela, but it was over one day. It was actually over in about 48 minutes. Around the same thing. I mean, military. We've wiped them out. They have no military left. They're

at all. The Navy's at the bottom of the sea. The Air Force is never going to fly again.

We've got an amazing military. Now they have to cry uncle. That's all they have to do. Just say, we give up. We give up. So utterly despicable. Let me know what you think. Hit subscribe. Let's get to 7 million subscribers. You may think you're subscribed, but you may not actually be subscribed. So double check. Help us hit 7 million subscribers. Thanks for watching y'all.