President Donald Trump criticized Federal Reserve Chairman Jerome Powell on Thursday, referencing reports about the European Central Bank’s anticipated interest rate cuts and urging Powell to lower U.S. rates now.
“The ECB is expected to cut rates for the 7th time, and yet, ‘Too Late’ Jerome Powell of the Fed, who is always TOO LATE AND WRONG, issued a report yesterday that was just another typical complete ‘mess!’” Trump posted on Truth Social early Thursday.
Trump is set to meet Italian Prime Minister Giorgia Meloni later today.
“Oil prices are down, groceries (even eggs!) are down, and the USA is getting RICH ON TARIFFS. Too Late should have lowered Interest Rates, just like the ECB did long ago, but he certainly should do it now. Powell’s termination can’t come soon enough!” Trump added.
On Wednesday, after Powell cautioned that the impact of Trump’s tariffs “remains highly uncertain,” the stock market experienced a downturn.
Trump appointed Powell in 2018, and former President Joe Biden reappointed him for another four-year term.
Note: There are legal limitations for Trump, as well as any president, in removing or dismissing a Fed chair, which requires what America’s central bank defines as “for cause.”
Ultimately, the Supreme Court may determine what constitutes a “for cause” removal of a Fed chair. However, while that lengthy battle unfolds, Powell would likely remain in office until his term expires.
UJ’s Auzinea Bacon contributed reporting to this article.
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