President Trump on Friday called on Federal Reserve Chair Jerome Powell to cut interest rates, accusing him of acting politically as markets reeled from the economic fallout of new tariffs. In a Truth Social post, Trump wrote, “This would be a PERFECT time for Fed Chairman Jerome Powell to cut Interest Rates. He is always ‘late,’ but he could now change his image, and quickly.”
Trump claimed food and energy prices had already declined since he took office, despite inflation remaining near 3 percent. He added, “A BIG WIN for America. CUT INTEREST RATES, JEROME, AND STOP PLAYING POLITICS!”
The post escalates Trump’s pressure on the central bank amid market volatility. By late Friday morning, the Dow Jones Industrial Average was down more than 1,000 points, continuing a steep decline after Thursday’s 1,700-point loss. The S&P 500 and Nasdaq also dropped over 3% Friday morning.
Speaking at a journalism conference shortly after Trump’s remarks, Powell cautioned that the economic consequences of the administration’s new tariffs would be more severe than anticipated. “It is now becoming clear that the tariff increases will be significantly larger than expected,” he said, warning of “higher inflation and slower growth.”
Powell added that both short- and long-term inflation pressures may rise, complicating the Fed’s ability to maintain stable prices.
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