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Elon Musk’s D.O.G.E is coming after the Federal Reserve as it scrambles to explain last week’s hawkish cut

Elon Musk slammed the Federal Reserve, saying it’s “absurdly overstaffed,” while teaming up with Trump to cut $2 trillion in government spending. Trump mocked Jerome Powell’s job at the central bank, calling it the easiest gig ever, and promised to hold the central bank accountable. The Fed’s latest rate cut spooked markets, with major stock indexes dropping over 3% and Bitcoin tumbling, as inflation stays stubborn and rate cuts slow down.

Elon Musk has set his sights on the Federal Reserve, calling it “absurdly overstaffed” in a post on X (formerly Twitter).

The eccentric billionaire, soon to lead the Department of Government Efficiency (D.O.G.E.) under President Donald Trump, seems interested in picking apart the central bank.

His comment came after the central bank announced a disappointing “hawkish rate cut,” leaving markets rattled and drawing sharp criticism from Trump. The Fed employs about 24,000 people across its 12 regional banks and the Board of Governors in Washington, a number Elon and Trump find excessive.

Elon, alongside entrepreneur Vivek Ramaswamy, is leading Trump’s $2 trillion government efficiency overhaul. “We’re trimming the fat,” Trump said during his campaign. “No one gets to sit around collecting a paycheck for doing nothing — not even Jerome Powell.”

Trump and Elon vs. the Fed and Powell

The President has been gunning for the central bank since day one. He blames its monetary policy for holding back economic growth during his first term and has taken many direct jabs at Powell, the Fed Chair he appointed.

“It’s the easiest job in government,” Trump has mocked. “You show up once a month, say something vague, and then leave the rest to chance.”

Elon’s new role as one of Trump’s closest advisors is amplifying these attacks. With D.O.G.E., he plans to overhaul bloated institutions.