US President Donald Trump has called out Federal Reserve Chairman Jerome Powell to cut interest rates as European Central Bank is expected to cut the interest rates for the seventh time.
He also called for Powell's "termination," criticizing him as "always TOO LATE AND WRONG."
Trump posted on his Truth Social account, "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 further wrote.
"Powell’s termination cannot come fast enough!" he added.
Trump's tussle with Jerome Powell dates back to his first term when he attempted to pressure the Federal Reserve to maintain low interest rates while the economy was thriving.
Trump has repeatedly stated that, as president, he has the right to voice opinions on the Fed's decisions. Powell's term as the Federal Reserve Chairman is set to end in 2026, and while Trump cannot dismiss him, but he does have the authority to nominate a successor.
Trump initially appointed Powell to lead the Federal Reserve in 2017, and President Joe Biden later chose to reappoint him in 2021.
Trump's criticism came after Powell's speech at the Economic Club of Chicago, where he stated that the trade tariffs implemented pose a serious risk to the American economy by potentially accelerating inflation and dampening economic growth.
He further warned that the central bank may struggle to maintain its dual mandate of price stability and full employment.
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