President Trump sharply criticized Federal Reserve Chair Jerome Powell on Thursday, intensifying his longstanding feud with the central bank leader by posting a strongly worded statement on social media which read: “Powell’s termination cannot come fast enough!”
The president once again signaled his frustration with the Fed’s cautious approach to interest rate cuts.
Trump’s anger was sparked by remarks Powell made on Wednesday, when the Fed chair highlighted concerns about the economic impact of the administration’s tariffs.
Powell warned that tariffs were creating a “challenging scenario” for the Fed — potentially complicating the central bank’s dual mandate to maintain stable inflation and robust employment.
Powell stressed the importance of patience as it relates to the central bank’s monetary policy, noting the Fed needed clearer signals regarding Trump’s trade strategy before deciding on future rate adjustments.
His comments indicated a relatively high threshold for additional rate reductions, underscoring his cautious stance on the matter.
Trump, who has continuously advocated for lower interest rates to spur economic growth, referenced expectations that the European Central Bank (ECB) was preparing to lower rates yet again.
In his message, Trump sharply rebuked Powell, stating, “The ECB is expected to cut interest rates for the 7th time, and yet, ‘Too Late’ Jerome Powell of the Fed, who is always TOO LATE AND WRONG, yesterday issued a report which was another, and typical, complete ‘mess!’”
