Grant Cardone, the influential billionaire real estate investor and CEO of Cardone Capital, has escalated his criticism of Federal Reserve Chairman Jerome Powell, declaring in a June 2 tweet that “Jerome Powell is the GREATEST threat to the American public and should be REMOVED from the FED immediately”. This statement, which quickly gained traction across social media and financial circles, exemplifies Cardone’s mounting frustration with Powell’s handling of U.S. monetary policy amid ongoing economic uncertainty.

Cardone owns billions in real estate, largely in South Florida. With Powell’s policy of prolonged, higher interest rates, it has a seriously detrimental effect on the real estate market and its investors. Higher rates mean fewer buyers because the long-term cost is much higher. High rates also decrease the overall return on capital for investors, meaning investors who aren’t careful could quickly end up underwater. Fewer buyers mean prices don’t rise as fast, or could even decline. 

Mounting Criticism Over Interest Rate Policy

Cardone’s latest comments are part of a sustained campaign against Powell’s leadership at the Federal Reserve. In recent weeks, Cardone has accused Powell of inflicting more damage on the U.S. housing market than any previous Fed chair, blaming high interest rates for stifling both residential and commercial real estate, and putting pressure on small businesses and homeowners. Cardone has repeatedly argued that Powell’s approach is “always reactionary, never proactive,” and that he has “already waited too long” to adjust rates in response to economic headwinds.

“Jerome Powell has done more to damage the US Housing market than any FED in history,” said Cardone late last month. And Cardone might not be wrong. Several reports coming out suggest that the housing market is actually in one of its worst periods ever. Redfin recently reported that there’s a record $700 billion in real estate currently listed for sale, an all-time high. Even worse, there are over 500,000 more sellers than buyers in the market currently, the largest gap in buyers and sellers ever recorded.

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Allegations of Political Motivation

Beyond economic grievances, Cardone has suggested that Powell’s reluctance to cut rates may be politically motivated. He has accused the Fed chair of being “antagonistic to Trump” and potentially seeking to undermine the former president’s pro-business agenda by maintaining elevated borrowing costs. Cardone claims this stance is particularly damaging to the American middle class and small businesses, who face some of the highest debt costs among developed nations.

Cardone has advocated for immediate and substantial rate reductions, questioning why the Fed has not moved more decisively to lower its benchmark rate. He warns that continued high rates could precipitate further economic downturns, especially in the housing sector. 

President Trump this morning advocated for a similar position, saying, “ADP NUMBER OUT!!! ‘Too Late’ Powell must now LOWER THE RATE. He is unbelievable!!! Europe has lowered NINE TIMES!” on Truth Social. Trump has been advocating for lower rates since the start of his presidency, as lower rates also help the performance of the stock market and overall economy. 

While many are calling for lower rates, Powell has remained steadfast in his cautious approach to lowering rates. It’s largely unclear when rates will be lowered, with some anticipating little to no rate cuts this year due to inflationary concerns from tariffs. If true, then more pain is likely ahead for investors, especially if what President Trump says is correct - that it’s already “too late.”