US President Donald Trump and US Federal Reserve Chairman Jerome Powell.
Wins McNamee | Kevin Lamarck | Reuters
President Donald Trump again on Thursday called for the Federal Reserve to lower the rate, suggesting that Chairman Jerome Powell be “dismissed.”
In the Social Post of Truth, Trump said:
“The ECB is expected to cut interest rates for the seventh time, but it is still too late and wrong Fed Jerome Powell is expected to be “too late”, but yesterday another typical, total “confusion!” oil price has fallen, with food (eggs too) falling, and the US should be rich in tariffs.
In fact, the European Central Bank has cut interest rates to try to promote growth in the region. The ECB is expected to lower the rates again later on Thursday.
The post noted that the central bank was placed in a tricky place to decide whether the administration’s tariffs would maintain inflation or promote growth the post said.
“If that happens, we consider how far the economy is from each target, and the potentially different time horizons where each of those gaps is expected to close,” Powell said. These comments contributed to a sudden sale on Wednesday.
This is not the first time Trump has criticized Powell’s approach to US monetary policy. Trump posted on April 4, two days after the administration’s “liberation day” tariffs were announced. “This is the perfect time for Federal Reserve Chairman Jerome Powell to cut interest rates.
However, this is the first time Trump has explicitly called for Powell to be fired. Powell also said the president has no power to fire him, noting that he is “not permitted under the law.”
Powell’s term as Fed Chairman will end in May 2026.
