President Donald Trump on Thursday renewed calls for the Federal Reserve to cut interest rates and openly floated the idea of terminating Fed Chair Jerome Powell.
In a post on Truth Social, Trump criticized Powell as “Too Late Jerome” and said, “Powell’s termination cannot come fast enough!” Trump claimed the U.S. is “getting RICH ON TARIFFS” and pointed to falling oil and grocery prices as evidence that a rate cut is needed.
“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!’ 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!”
Trump’s remarks followed Powell’s speech at the Economic Club of Chicago, where the Fed chair acknowledged challenges from Trump’s tariff policy, which complicates the central bank’s dual mandate of controlling inflation and maximizing employment.
Trump previously criticized Powell for being slow to adjust rates but had not explicitly called for his removal until now. Powell has stated the president lacks the legal authority to fire him. His term as chairman runs through May 2026.
Sources
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