President Trump intensified pressure Monday on Federal Reserve Chair Jerome Powell, calling him a “major loser” and accusing him of politically motivated rate cuts during Biden’s presidency. Trump’s remarks came as markets reopened after a holiday break, with the Dow Jones falling 990 points (2.53%) by midday.
On Truth Social, Trump argued that declining energy and food prices show there is “virtually no inflation,” and warned of economic slowing unless Powell lowers interest rates “NOW.” He claimed Powell acted “too late” in most situations, except when cutting rates “to help Sleepy Joe Biden.”
Trump also noted that European central banks have reduced rates multiple times and said Powell should follow suit. He previously said Powell’s “termination cannot come fast enough” and floated removing him, despite legal protections under a 90-year-old Supreme Court precedent.
White House Economic Council Chair Kevin Hassett said last week that the administration is exploring options to remove Powell, although Powell insists he will remain until his term ends in 2026.
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