Former U.S. President Donald Trump has significantly escalated his attacks on Federal Reserve Chair Jerome Powell, publicly calling him "that jerk" and asserting that he "will be gone soon" during a speech in Detroit on January 13, 2026. Trump reiterated his demand for the Federal Reserve to implement substantial interest rate cuts, citing recent inflation data as justification. He argued that a strong market performance should prompt the central bank to ease borrowing costs rather than maintain tighter monetary policy. This renewed assault occurs against the backdrop of a criminal investigation launched by the Department of Justice (DOJ) into Chair Powell. The probe reportedly centers on Powell's congressional testimony regarding the renovation costs of the Federal Reserve's Washington D.C. headquarters. Powell, in an unusual public video statement, characterized the DOJ's investigation and the threat of criminal charges as a "pretext" to exert political pressure on the Federal Reserve to influence its interest rate decisions. He emphasized that the issue is whether the Fed can continue to set monetary policy based on economic conditions or if it will be swayed by political intimidation. The unprecedented criminal investigation into a sitting Fed chair has sparked widespread condemnation. Former Fed chairs, including Janet Yellen, Ben Bernanke, and Alan Greenspan, along with a bipartisan group of Republican senators and global central bank leaders, have voiced strong support for Powell and denounced the probe as an attempt to undermine the Federal Reserve's critical independence. Jamie Dimon, CEO of JPMorgan, also warned that such attacks risk increasing inflation expectations and interest rates in the long run. While Trump has denied directing the DOJ investigation, White House press secretary Karoline Leavitt stated that Powell is "bad at his job". Powell's term as Fed chair is set to expire in May 2026, though he may remain on the board of governors until 2028. The ongoing conflict underscores a fundamental battle over the autonomy of the U.S. central bank and its role in managing the nation's economy.