President Donald Trump’s housing chief has strongly criticized Federal Reserve Chair Jerome Powell, labeling him a “maniac” and “deranged,” while blaming persistent high interest rates for widespread financial hardship among Americans. This fiery characterization comes as economic anxiety continues to grip the country, with housing costs climbing to levels not seen in decades.
“He’s really a maniac,” Pulte said when asked about his view on the impact of high interest rates on the mortgage market. “We’ve really got to get a good new Federal Reserve chair. I’m very confident that the president will pick somebody great. You know, I think Powell has just totally let it go to his head.”
Pulte argued “it’s sad” and Powell is “not looking at the data” despite his reputation as a “straight shooter.” The data shows, according to Pulte, “inflation is way lower” and high mortgage rates are “really hurting a lot of people.” He added the climate in Washington, D.C. is something of a bubble.
“When I’m there, it’s like this little vacuum, and you get caught in it,” he said. “And I think some of these guys, they go to D.C., and they just, they lose their minds.”
The FHFA director argued Trump has a clear vision: “Maybe it’s because he goes out of town often,” but “these other people, like Powell, they’ve lost their mind.”
He circled around by stressing high interest rates “are really, really hurting people.” The remarks underscore a growing frustration among Trump-aligned Republicans who argue the central bank’s aggressive rate hikes—and the slow recent pace of its rate cuts—have stifled growth and made homeownership less attainable .
Tensions between Trump and Powell are not new. Trump himself sparred repeatedly with Powell during both his current presidential term and during his prior stint in office, repeatedly calling for lower rates and nicknaming the Fed chair as “too late.” Pulte said Powell’s looks are deceiving: “He looks like this calm, silent guy, but he’s deranged.”
At least we’re saying, ‘Yeah, we’re going to get something,’” Pulte added. He said the FHFA was similarly looking at taking equity stakes in companies that are willing to give it to us “because of how much power Fannie and Freddie have over the whole ecosystem,” adding that “what’s in the best interest of Fannie and Freddie is in the best interest of Americans, and it doesn’t matter if it’s not politically popular, it doesn’t matter if donors are going to be upset.”
If it’s in the best interest in American people, we’re going to do it,” Pulte said.
