Furious Powell pulls Nuclear Option on Trump in Final Address

Summary

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MeidasTouch Podcast – "Furious Powell Pulls Nuclear Option on Trump in Final Address"

Date: April 30, 2026
Hosts: Ben, Brett & Jordy Meiselas
Guest/Reporting: Ron Filipkowski
Theme: Examining Federal Reserve Chairman Jerome Powell’s explosive final address, his historic decision to remain on the Fed’s board, unprecedented attacks on the Fed’s independence from the Trump administration, inflation, jobs, and the economic fallout in the Trump era.

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Episode Overview

This episode covers the breaking news of Jerome Powell’s final address as Federal Reserve Chairman—a speech that vehemently denounces Donald Trump’s impact on the economy and exposes relentless legal and political pressure on the Fed’s independence. The Meiselas brothers, with analysis and reporting from Ron Filipkowski, break down Powell’s rationale for staying on the Fed board, the outlook for interest rates, surging inflation, and Trump’s disastrous jobs record. The episode features direct Powell quotes, press conference recordings, and fiery commentary, all delivered in the MeidasTouch blend of wit, candor, and democratic advocacy.

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Key Discussion Points & Insights

1. Powell’s “Nuclear Option”: Staying on the Fed Board

Timestamp: 02:00–03:30

• Jerome Powell’s last address as Chair happened with his term ending in May 2026.
• In a surprise move, Powell declared he would not retire as is customary, but stay on as a Fed governor due to unprecedented attacks on the Fed’s independence from Trump and ongoing legal actions.
• Quote:

  “When his term ends in May...he goes, no, I’m gonna stay and I’m gonna do my job quietly. Because he fears for the independence of the Fed.”
  — Ron Filipkowski (03:20)

• Powell’s act mirrors historical events—the last time a Chair stayed beyond their term was in 1948.
• Trump’s administration is pushing Kevin Warsh—an individual linked controversially to the Epstein files—for the new Chair position.

2. The State of Inflation & Economic Crisis

Timestamp: 04:45–09:30

• Powell announced no interest rate cuts for the foreseeable future—“not this year, can’t even imagine next year”—citing persistently elevated inflation and economic instability.
• U.S. inflation stands at 3.5% year-over-year (PCE) and 3.2% (core PCE) in March; energy prices “haven’t even peaked yet” due to ongoing Middle East conflicts and tariff effects.
• Powell direct quote:

  “We need to really see that with, with energy. It’s, it’s so hard to say...the question about looking through energy really is not in front of us right now. It hasn’t even peaked yet.”
  — Jerome Powell (06:06)

• Fed’s outlook: Energy-driven inflation and tariffs are driving costs up with no signs of returning to normal soon.
• Powell frames Trump’s economic interventions as creating “a stagflation environment” that’s making policy nearly impossible.

3. Powell Defends Fed Independence, Calls Out Trump’s Legal Attacks

Timestamp: 06:37–08:23

• Powell warns about the unprecedented threat to Fed independence:

  “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...These legal actions by the administration are unprecedented in our 113-year history...”
  — Jerome Powell (07:05)

• He insists his decision isn’t about politics but protecting the institution for the American people.
• The attacks, he says, “are battering the institution and putting at risk the thing that really matters to the public, which is the ability to conduct monetary policy without taking into consideration political factors.”

4. Catastrophic Inflation and Trump’s Record

Timestamp: 08:31–09:51

• Powell highlights the “catastrophic” nature of current inflation, driven by Trump policy and global oil price spikes.
• Quote:

  “Inflation has moved up recently and is elevated relative to our 2% longer run goal. ...This relatively high rate largely reflects the effects of tariffs on prices in the goods sector.”
  — Jerome Powell (08:32)

• The hosts emphasize that with continued Trump policy, the Fed cannot lower rates—making recovery harder.

5. Jobs Report & Labor Force Decay

Timestamp: 09:51–11:27

• Powell notes a marked slowdown in job growth attributed to both lower immigration and labor force participation—blaming Trump’s harsh immigrant policy and general “softened” labor demand.
• Quote:

  “A good part of the slowing in the pace of 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.”
  — Jerome Powell (10:09)

• The contrast: Under Biden, historic job creation; under Trump, a jobs recession.
• Ron Filipkowski:

  “Trump hasn’t created any new jobs. ...Just like Trump’s first term where he was a job-losing president, oops, he did it again. Cuz he’s a lifelong loser who bankrupts things.” (10:32)

6. Powell’s Determination to Stay: The Motivation

Timestamp: 11:27–13:48

• Powell ties his decision directly to ongoing and potential legal retaliation, stating he will not leave “until this investigation is well and truly over with transparency and finality,” and that staying is an obligation to the institution and to the public.
• Quote:

  “I will not leave the board until this investigation is well and truly over with transparency and finality. ...I plan to keep a low profile as a governor. ...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.”
  — Jerome Powell (11:58)

• He swats away concerns that his decision is “political”:

  “I had long planned to be retiring, and you know, the things that have happened in really the last three months have I think left me no choice but to stay until I see them through at least that long....My intention is not to interfere.”
  — Jerome Powell (13:23)

7. The Energy Crisis and Trump’s “Blockade”

Timestamp: 13:48–16:17

• The podcast details surging gas and oil prices: National average gas price at $4.23/gallon ($6 in California); Brent crude only surpassed by earlier Middle East conflicts; “biggest energy security threat in history.”
• Ron Filipkowski lampoons Trump’s self-aggrandizing tone and policy:

  “If Donald Trump just did freaking nothing. ...My 18 month old would do better than Donald Trump in the presidency because she’d just be watching Elmo and Ms. Rachel. But Donald Trump screwed it all up...” (14:10)

• Trump audio clip:

  “Well, the blockade is genius. ...It shows how good our Navy is. ...We’ve got an amazing military now. They have to cry uncle. That’s all they have to do. Just say we give up.” — Donald Trump (15:24)

• Hosts decry Trump’s self-congratulatory military rhetoric amid worsening economic fallout.

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Notable Quotes & Moments

• Jerome Powell on Fed independence:

  “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. ...That piece of institutional architecture separates successful countries from unsuccessful countries.” (07:35)

• Epic MeidasTouch punchline on Trump’s failures:

  “Trump hasn’t created any new jobs. ...Just like Trump’s first term where he was a job-losing president, oops, he did it again. Cuz he’s a lifelong loser who bankrupts things.” — Ron Filipkowski (10:32)

• Powell, on his unprecedented decision:

  “I’m literally staying because of the actions being taken against me and the Federal Reserve in general. ...I feel that I have an obligation to protect the independence of this thing.” (12:48)

• Trump brags about military “blockade”:

  “The blockade is genius. ...We’ve got an amazing military now. They have to cry uncle. ...Just say we give up.” — Donald Trump (15:24)

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Timeline of Major Segments

| Timestamp | Segment | Key Focus/Quote | |------------|--------------------------|------------------------------------------------------| | 02:00–03:30| Powell’s “nuclear option”| “...no, I’m gonna stay and do my job quietly.” | | 05:10–06:25| Inflation & rate outlook | “...energy really is not in front of us right now…” | | 06:37–08:23| Independence & attacks | “Legal actions...are unprecedented in our 113-year history.” | | 08:31–09:51| Inflation specifics | “Inflation has moved up and is elevated...” | | 10:09–10:32| Jobs/labor force impact | “Decline...due to lower immigration and labor force participation...” | | 11:27–12:48| DOJ/retirement | “...will not leave the board until this investigation is well and truly over.” | | 13:23–13:48| Political implications | “My intention is not to interfere.” | | 13:48–16:17| Oil prices & blockade | “The average price for a gallon of gas is now... $4.23” | | 15:24 | Trump “blockade” audio | “The blockade is genius...We’ve got an amazing military now.” |

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Summary: Why This Matters

Jerome Powell’s final address goes down as a historic rebuke of political interference and a warning siren about the U.S. economy’s fragile state under Trump. Powell’s refusal to leave the Fed board—a nuclear option—underscores his fears for the Fed’s independence, while his data-driven breakdown reveals the deep economic hardships caused by Trump’s policies: surging inflation, no job growth, and a weaponized Fed. The MeidasTouch team blends facts, sharp criticism, and signature wit, providing a must-listen recap and analysis for anyone concerned about democracy and the U.S. economic future.

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Transcript

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[Ron Filipkowski]

Donald Trump was just hit with nightmare news as the Federal Reserve Chairman Jerome Powell 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 telling. 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 stagflation 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, 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, it'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 fulfilling 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 gonna stay on, I'm gonna 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, nope, I'm gonna stay and I'm gonna see this out. I wanna show you specifically what Federal Reserve Chairman Jerome PO 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 anytime 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 cuz 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 haven't even come close to peaking yet here, let's play this clip

[Jerome Powell]

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. You know, we really do expect that to be happening in the next two quarters. So we'll be 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, with energy. It's, it's so hard to say. I mentioned, you know, in, you know, sort of the textbook, you, you would look through it an 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 2% inflation and that we're already looking through the tariff shock. So I think we're going to be very cautious about that. But the question about looking through energy really is 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.

[Ron Filipkowski]

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.

[Reporter/Interviewer]

Thank you, Mr. Chair. Appreciate the kind words about the press often doesn't come from the podium in different places. But appreciate that. Can you talk about what has gone into your decision to remain on the board? What kind of criteria are you weighing and how long might you stay? Thank you, Chair Powell.

[Ron Filipkowski]

Sure.

[Jerome Powell]

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. And I want to note here this has nothing whatever to do with verbal criticism by elected officials. 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 at 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 US Economy is the envy of the world. That piece of institutional architecture separates successful countries from unsuccessful countries. It is extremely important not for the people who work at the Fed at any 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.

[Ron Filipkowski]

Well, I just have then Chairman Powell talks about the real catastrophic inflation situation we're in now because of Donald Trump and his regime.

[Jerome Powell]

Here, play this clip Inflation has moved up recently and is elevated relative to our 2% longer run goal. Estimates based 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 goods sector. Near term measures of inflation expectations have risen this year, likely because of the substantial rise in oil prices.

[Ron Filipkowski]

Powell further talks about how inflation has moved up. Let's play this clip.

[Jerome Powell]

Inflation has moved up and is elevated, in part reflecting the recent 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.

[Ron Filipkowski]

And he talks about how there's been a slowdown 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.

[Jerome Powell]

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.

[Ron Filipkowski]

And I've long said this, folks, we are in a jobs recession right now. You don't need to hear it from me. You know, we're in a jobs recession right now. What are we talking about? Manufacturing jobs across the board. Jobs. Trump hasn't created any new jobs. You remember, under former President Biden, we're on a month to month basis, It'd be like 300,000 new jobs were created, 200,000 new jobs, 400,000 new jobs. 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. Then Donald Trump's like, I'm gonna do it better, I'm gonna do it 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. Cuz he's a lifelong loser who bankrupts things. More on Jerome Powell right here. Who said that he's not leaving the board? The Federal Reserve Board. Play this clip.

[Jerome Powell]

I welcomed the announcement last Friday by the U.S. attorney for the District 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 well and truly over with transparency and finality. And I stand by that. I'm encouraged by recent 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 and sworn in, he will be that chair. Once sworn in as board chair, his new colleagues will elect him to chair the FOMC as well.

[Ron Filipkowski]

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. He goes, I was planning on retiring, but because of these actions, that's what inspired me to stay. Cuz I feel that I have an obligation to protect the independence of this thing. So I'm gonna make a sacrifice and stay on here. Let's play this clip.

[Reporter/Interviewer]

What would you say to the criticism that by remaining on the board you're actually taking a political act and denying President Trump the majority of the board, which as president he would have. If you.

[Jerome Powell]

I don't see that at all. As I mentioned, you know, I'm literally staying because of the actions that have been taken. I had long planned to be retiring and you know, the things that have happened in really in the last three months have I think left me no choice but to stay until they're, until I see them through at least that long. You know, in addition, I don't see how this will interfere. My intention is not to interfere. You know.

[Ron Filipkowski]

And folks, you know, the price at the gas right now is atrocious. The average price for a gallon of gas in the US is now rising to $4.23 a gallon. I mean out here in California it's like six bucks. It's the highest since 2022. Nationally right now, Brent crude oil prices officially surged 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 and 50 cents. And this comes as Donald Trump also was like, I love the blockade. Genius. We're just going to do 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 did nothing, he just let Biden's economy go on overdrive. It's why I say my little daughter he met, it would have done a better job than Donald Trump because she would have just listened to Elmo and AB Day and it wouldn't have to be all of the moves that hurt. Seriously, my 18 month old would do better than Donald Trump in the presidency because she'd just be watching Elmo and Ms. 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. While all of that's taking place. Donald Trump was in the Oval Office saying, I love the blockade. Genius. The blockade is a genius. Listen to what he said. Here, play this clip.

[Donald Trump]

Well, the blockade is genius. Okay? The blockade has been 100% foolproof. It shows how good our Navy is. I can tell you that. Nobody's going to 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 close. And. And you see that every, whether it's Venezuela, which, and they have a good military in Venezuela. But it was over in one day. It was actually over in about 48 minutes. Iran, the same thing. I mean, militarily, we've wiped them out. They have no military left. It's 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.

[Ron Filipkowski]

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 CH check help us hit 7 million subscribers. Thanks for watching. Y' all want to stay plugged in? Become a subscriber to our [e-mail] you'll get daily recaps from Ron Filipkowski ad free episodes of our podcast and more exclusive content only [e-mail]

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