'Powell’s termination cannot come fast enough': Donald Trump attacks Fed chair over rate cuts

United States President Donald Trump said Federal Reserve Chair Jerome Powell’s termination from his position can’t come quickly enough, arguing that the US central bank should have lowered interest rates already this year, and in any case should do so now.

Trump, derisively nicknaming the Fed chairman he nominated in his first term as “Too Late,” wrote in a post on his Truth Social platform Thursday morning that “Powell’s termination cannot come fast enough!”

"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," said Donald Trump in a post on his social media platform, Truth.


"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!" added Trump.

Fed chairman Jerome Powell warned on Wednesday that Trump's sweeping tariffs on virtually every trade partner could put the US central bank in the unenviable position of having to choose between tackling inflation and unemployment.

His comments led to sharp losses Wednesday on Wall Street, as did chip giant Nvidia flagging hefty costs it faced owing to the US-China trade war.

The Fed's benchmark interest rate is currently 4.25%-4.50%, where it has been since December following several rate cuts late last year.

Powell, who on Wednesday spoke for the first time since Trump paused some tariffs, also characterized the ongoing market volatility of recent weeks as a logical processing of the Trump administration's dramatic shifts in trade policy - not a sign of stress that warranted a Fed response.

Powell warned Trump's tariff policies risked pushing inflation and employment further from the central bank's goals and said the Fed was "well positioned to wait for greater clarity".