Tweeter-in-chief: Dynamics of Trump's populist campaign against the Fed

Abstract

Social media is transforming how politicians communicate with the public, empowering elected officials to immediately reach target audiences. Scholars of the U.S. presidency in particular credit former President Donald Trump with revolutionizing the White House bully pulpit through his use of Twitter. Trump's bullying of the Federal Reserve and Fed Chair Jerome Powell for ever lower interest rates stands out amidst his often norm-defying social media campaigns. Such attacks broke from recent practice: Trump's immediate predecessors largely refrained from telling the central bank what to do. What drove Trump's pressure campaign against the Fed? In this note, we identify and tally Trump's attacks, explore dynamics shaping his appeals, and demonstrate that financial headwinds—more so than economic or political barometers—reliably incited Trump to pressure the Fed.