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President Donald Trump on Thursday criticized Federal Reserve Chair Jerome Powell, urging the central bank to cut interest rates immediately rather than wait until its next scheduled policy meeting.
In a post on Truth Social, the president called on Powell to move quickly to lower borrowing costs.
“Where is the Federal Reserve Chairman, Jerome ‘Too Late’ Powell, today?” he wrote. “He should be dropping Interest Rates, IMMEDIATELY, not waiting for the next meeting!”
The president did not provide additional details, but he has repeatedly argued that lower interest rates would help accelerate economic growth and reduce borrowing costs for businesses and consumers.
President Trump’s latest comments come less than a week before the Federal Open Market Committee is scheduled to meet March 17 and 18 to review economic data and decide whether to adjust interest rates.
At its previous meeting on Jan. 28, the Federal Reserve left the target range for the federal funds rate unchanged at 3.5 to 3.75 percent. Officials said they would continue monitoring economic indicators, including inflation and employment, before making further decisions.
The vote was not unanimous. Governors Stephen Miran and Christopher Waller dissented, favoring a quarter-point reduction in the rate, highlighting an ongoing debate within the central bank about when to begin cutting rates.
Recent economic data has provided mixed signals for policymakers.
The Department of Labor reported that nonfarm payrolls fell by 92,000 in February while the unemployment rate remained at 4.4 percent, suggesting some cooling in the labor market. Wage growth, however, continued to rise.
Powell has repeatedly said that the Federal Reserve’s policy decisions must be guided by economic conditions rather than political pressure. The central bank’s most recent statement emphasized its dual mandate of maintaining maximum employment while bringing inflation back toward its 2 percent target.
President Trump’s criticism of Powell dates back several years. Although the president nominated Powell to lead the Federal Reserve in 2017, he has frequently criticized him for moving too slowly on interest rate cuts, often referring to him as “Too Late.”
Powell’s term as Federal Reserve chair runs through May 15, though he will remain a member of the Board of Governors until Jan. 31, 2028.
