Elon Musk, now poised to lead the Department of Government Efficiency (D.O.G.E.) under President Donald Trump, is taking aim at the Federal Reserve. Calling it “absurdly overstaffed” in a recent post on X (formerly Twitter), Musk joins Trump in pushing for drastic government reform.
The Controversial “Hawkish Rate Cut”
The Federal Reserve’s recent rate cut, paired with signals of ongoing tight monetary policy, shook markets last week. Major stock indexes fell over 3%, and Bitcoin tumbled, reflecting fears that inflation remains unrelenting despite slowing rate cuts.
Trump, a long-time critic of the Fed, has escalated his attacks, mocking Chair Jerome Powell’s leadership. “It’s the easiest job in government,” Trump quipped, blaming the Fed for stifling economic growth during his first term.
D.O.G.E.: Musk’s Mission to Reshape Government
Under the $2 trillion efficiency overhaul led by Musk and entrepreneur Vivek Ramaswamy, the administration aims to cut wasteful spending. Trump has vowed to “trim the fat” across government agencies, including the Federal Reserve’s workforce of 24,000 employees.
Musk’s involvement with D.O.G.E. underscores his commitment to targeting what he sees as inefficiency in federal operations. “No one gets to sit around collecting a paycheck for doing nothing—not even Jerome Powell,” Trump stated.
Markets on Edge
With Trump and Musk turning up the heat on the Fed, and with the central bank’s policies under fire, uncertainty looms over both Wall Street and Washington. How far their reforms will go—and their impact on the economy—remains to be seen.
The Trump-Musk alliance is poised to shake up the status quo, with the Federal Reserve firmly in its sights.
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