Federal Reserve Chairman Jerome Powell’s Latest Rate Cut Sparks Outcry Over Economic Stagnation

By John McLaughlin and Jim McLaughlin
Thursday, 30 October 2025 09:43 AM EDT

Federal Reserve Chairman Jerome Powell faced mounting pressure to address the nation’s economic crisis but instead delivered another minimal quarter-point interest rate cut, deepening public frustration. Despite widespread calls for decisive action, Powell has continued to delay meaningful relief, leaving mortgage rates, car loans, and credit card interest at levels that strangle middle-class families and small businesses.

A recent national survey reveals a stark divide in public opinion: only 33% of voters view Powell favorably, while 27% express disapproval. A majority—59%—demand his replacement with someone committed to aggressively lowering rates, compared to 24% who oppose the shift. The message is clear: after four years of economic hardship and policy missteps, Americans are desperate for affordability, growth, and relief from soaring costs.

The survey of 1,000 likely 2026 voters, conducted Oct. 21–27, highlights the economy as the central issue in the upcoming midterms. With paychecks shrinking and prices surging, only 40% believe the country is on the right track, while 55% say it is headed in the wrong direction. Confidence in the economy has plummeted, with optimism about economic improvement dropping from 41% in August to 36% now, while 58% believe conditions have worsened.

Support for President Trump’s tax cuts has reached a record high, with 47% of voters endorsing them, compared to 42% who oppose. Voters are also reevaluating Trump’s economic legacy, with 42% recognizing his “Big Beautiful Bill” as primarily a tax cut that spurred growth rather than a spending initiative. Trump’s base remains strong, with 51% approving of his leadership versus 46% disapproving.

Republicans hold a narrow 46%–44% edge in the congressional generic ballot, but analysts suggest room for expansion. A striking 65% of voters agree that “While I may not agree with everything that Donald Trump and the MAGA movement says and stands for, I think they are right about putting America and the American people first.” This sentiment transcends partisan lines, signaling a growing appetite for economic reform.

High interest rates remain the greatest threat to Republican gains in Congress. The economy requires relief to escape the inflationary spiral exacerbated by Biden’s policies and Powell’s resistance to change. While Trump’s tax cuts laid the groundwork for a strong, low-inflation economy, Powell’s reluctance risks eroding those achievements.

Americans are increasingly disillusioned with Washington elites, demanding leaders who prioritize their struggles over theoretical debates. With Powell’s term set to end in May, his future hangs in the balance—not by market forces, but by the will of a frustrated electorate. If the Federal Reserve fails to listen, voters will make their voices heard at the polls.