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President Donald Trump launched a fresh attack on Federal Reserve Chair Jerome Powell Thursday morning, accusing him of acting too slowly on interest rates and suggesting that his removal “cannot come fast enough”, CNN reported.
Taking to his social media platform Truth Social, Trump reacted to reports that the European Central Bank is expected to cut interest rates once again — its seventh rate cut — and compared Powell unfavorably to European policymakers.
“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!’” Trump wrote.
In the same post, Trump urged the Fed to lower U.S. interest rates, claiming that economic indicators such as oil and grocery prices are improving, and that the country is benefiting from his tariff policies.
“Oil prices are down, groceries (even eggs!) are down, and the USA is getting RICH ON TARIFFS. Too Late should have lowered Interest Rates, like the ECB, long ago, but he should certainly lower them now. Powell’s termination cannot come fast enough!” he added.
Trump’s remarks come just a day after Powell warned that the full effects of the president’s tariffs “remain highly uncertain,” leading to a dip in U.S. stock markets.
Despite his criticism, Trump will likely face significant legal hurdles if he were to seek Powell’s removal from office, the report said, adding that under current law, the Federal Reserve chair can only be removed “for cause” — a term not clearly defined.
Trump first appointed Powell to lead the Fed in 2018. In 2022, President Joe Biden reappointed him for a second four-year term, which runs through 2026.
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