Trump slams Fed Chair Powell, says his ‘termination cannot come fast enough’
President Donald Trump on Thursday ratcheted up his criticism against Federal Reserve Chair Jerome Powell, calling for his “termination” for not cutting interest rates quickly enough.
His comments come one day after the central bank chief delivered a stark warning about the effect of Trump’s sweeping tariffs on the economy, News.Az reports, citing CNN.
Early Thursday morning, Trump lashed out at the Fed leader in a social media post, saying the US central bank is lagging behind its European counterpart. The European Central Bank later Thursday morning announced it is cutting interest rates for the seventh time in the past year.
“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. “Powell’s termination cannot come fast enough!”
Powell on Wednesday said the Trump administration has brought “very fundamental policy changes,” including his sweeping tariffs that are “significantly larger than anticipated.” He said such changes are unlike anything seen in modern history, putting the Fed in uncharted waters and on a path to confront a challenge it hasn’t seen in decades; stagflation.
But Powell’s comments weren’t unlike those of other Fed officials in recent weeks. Most have said Trump’s tariffs are likely to push up inflation and unemployment. Some billionaires, such as Ray Dalio, have taken criticism of Trump’s tariffs a step further, saying the US economy might be in or near a recession already.
Powell was first appointed as Fed chair by Trump in 2018 and was later reappointed by President Joe Biden in 2021. His current term ends in May 2026.
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