“End the Fed”: Massie, Trump Turn Up the Heat on Jerome Powell

The fight over U.S. interest rates is heating up. With inflation concerns and economic uncertainty lingering, the Federal Reserve is under growing pressure from lawmakers, investors, and leaders. 

Congressman Thomas Massie is adding fuel to the fire with a renewed call to “End the Fed,” bringing back a long-running debate over the central bank’s role.

Massie Reintroduces Idea to Abolish the Fed 

U.S. Representative Thomas Massie sparked fresh controversy this week with a pointed post on X.

“It’s absurd that one man sets interest rates for a “free” country,” he said.

Massie had first introduced a bill to abolish the Federal Reserve in 2024, arguing that it fuels inflation and penalizes savers. He brought the bill back again in 2025 and has also supported legislation to audit the central bank.

His comments reflect growing concerns among Americans about inflation, rising costs, and the Fed’s influence on the broader economy.

Will Fed Cut Rates in September?

The Federal Reserve recently decided to hold interest rates steady at 4.25% to 4.5%, despite pressure from President Trump to lower them. In a rare move, two Fed Governors, Christopher Waller and Michelle Bowman, opposed the decision. 

This marks the first time since 1993 that two top officials publicly dissented, highlighting internal disagreement over the future direction of interest rates.

Traders are now seeing a 46% chance of a rate cut by September, down from 65% just a day earlier, according to the CME FedWatch Tool. Markets are also no longer expecting two full cuts by the end of the year.

Trump Blasts Fed Chair Jerome Powell

In response, President Donald Trump strongly criticized Fed Chair Jerome Powell in a Truth social post, calling him “Too Late Powell” and also accused him of being unfit for the job. He claims that Powell is costing the country trillions, labeling him “too stupid” and “too political” to lead the Fed.

He also accused him of being involved in a bad building renovation and called it one of the worst ever. 

What This Means for Crypto

While the Fed’s decision led to a brief dip in markets, crypto prices have since bounced back. The total crypto market cap remains around $3.94 trillion, continuing its sideways trend.

Still, some analysts say that the Fed’s cautious stance could lead to a slower crypto bull run. Rate cuts typically bring more liquidity and investor appetite, both of which fuel risk-on assets like Bitcoin and altcoins, so in some ways, this could be a setback. 

Is Jerome Powell really to blame, though?