Trump vs Powell: Who emerged as victor in their high-stakes battle?

THE extraordinary public confrontation between US President Donald Trump and Federal Reserve chair Jerome Powell reached a dramatic crescendo in late July 2025, culminating in an unprecedented presidential visit to the Fed’s headquarters. 

After months of escalating tensions over interest rates and Fed independence, the question remains: Who won in this high-stakes institutional battle?

The conflict between Trump and Powell centres on two fundamental issues: The Fed’s monetary policy decisions, and the central bank’s jealously guarded independence from political interference.