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President Donald Trump blasted Federal Reserve Chairman Jerome Powell in a Truth Social post on Thursday, claiming that his termination “cannot come fast enough.”
The president shared the post after Powell warned this week about the economy and postponed lowering interest rates.
“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.
“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 reference to Powell being “too late” followed the chairman’s remarks on Wednesday about showing patience on Trump’s tariffs and economic efforts before making changes to rates.
“As that great Chicagoan Ferris Bueller once noted, ‘Life moves pretty fast,'” Powell said in a speech to the Economic Club of Chicago, Newsmax reported. “For the time being, we are well positioned to wait for greater clarity” on the impact of policy changes in areas such as immigration, taxation, regulation, and tariffs, Powell said.
Powell’s four-year term as chair of the Federal Reserve extends until May 2026. It is unclear whether Trump will pursue an earlier end to Powell’s role.
Trump previously commented on the Fed’s failure to lower interest rates in a Truth Social post last month.
“The Fed would be MUCH better off CUTTING RATES as U.S. Tariffs start to transition (ease!) their way into the economy. Do the right thing. April 2nd is Liberation Day in America!!!” Trump wrote.
Lowered interest rates would significantly impact financial and housing markets, key areas Trump seeks to improve in his early weeks in the White House.
April has experienced a rapid series of tariff policy changes. Following strong pushback to Trump’s April 2 “Liberation Day” rates, the president enacted a 90-day pause on most nations, excluding China. Industry-specific tariff changes or delays have also been in development, with multiple international leaders visiting Washington to discuss deals.