In a sharply worded social media statement, President Donald Trump intensified his criticism of Fed Chair Jerome Powell, asserting Powell’s termination “cannot come fast enough.”
Trump’s latest rebuke follows Powell’s cautionary remarks at the Economic Club of Chicago, highlighting potential economic risks arising from the administration’s tariffs.
Trump, labeling Powell “always too late and wrong,” emphasized his frustration with the Fed’s reluctance to cut interest rates, contrasting Powell’s policy stance with the European Central Bank’s more proactive easing measures.
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“Too Late should have lowered interest rates, like the ECB, long ago,” Trump stated, urging immediate action.
Powell’s concerns, articulated clearly during his speech, suggest the Fed may encounter a “challenging scenario” involving rising inflation and slowing economic growth. Powell argued the central bank should prioritize managing inflation, potentially postponing rate cuts despite Trump’s demands.
“Unemployment is likely to go up as the economy slows… inflation is likely to go up as tariffs find their way,” Powell warned.
The conflict underscores the fundamental tension between the administration’s aggressive tariff strategy and the Fed’s monetary policy autonomy. Treasury Secretary Scott Bessent recently reaffirmed the importance of maintaining the Fed’s independence, calling it a “jewel box that has got to be preserved,” indirectly countering Trump’s increasingly vocal dissatisfaction.
Trump’s pointed demand for Powell’s dismissal comes despite assurances he would not seek to replace the Fed Chair before his term ends in May 2026.
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