Did Jerome Powell Resign as Fed Chair?

Recently, the financial and crypto communities have been buzzing over claims that Federal Reserve Chair Jerome Powell has submitted his resignation. A letter bearing Powell’s name, complete with a signature and formal layout, has been circulating widely online, making many believe he had officially stepped down. However, upon closer inspection, the letter has been confirmed as a fake.

Jerome Powell’s “Resignation Letter” Debunked

Amid growing calls for Powell to vacate his post due to dissatisfaction with interest rate policies, a supposed resignation letter addressed to President Donald Trump began making rounds in crypto circles. The letter appeared official and bore Powell’s name and signature.

U.S. Senator Mike Lee even shared the letter on X with the caption “Powell out,” before quickly deleting the post just minutes later. Though it went viral within minutes, experts were quick to spot several red flags.

Most notably, the placement of the official seal was inconsistent with standard formatting. The tone of the letter was also uncharacteristically casual for Powell. Moreover, there has been no official confirmation from the Federal Reserve, further discrediting the document.

Mounting Pressure for Powell to Step Down

The fake resignation letter surfaced just hours before Powell was scheduled to give a major speech, adding to the frenzy. On prediction platform Polymarket, odds of Powell being replaced jumped to 21%. Meanwhile, Federal Housing Finance Agency Chairman William Pulte suggested that a resignation may indeed be imminent.

Powell is under increasing political pressure, especially from former President Donald Trump, who has repeatedly called for his resignation over the Fed’s reluctance to cut interest rates. Trump is reportedly already seeking a replacement.

Although Powell’s term is set to run through May 2026, speculation is mounting that he may leave office early. Notably, Powell has also been criminally referred to the Department of Justice for allegedly lying under oath about the renovation of the Federal Reserve’s headquarters.