President Donald Trump tore into Federal Reserve chairman Jerome Powell on Thursday, citing reports of how the European Central Bank is expected to cut interest rates again and urging him to lower US rates now.
“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!” Trump posted on Truth Social early Thursday morning.
Trump is slated to meet with Italian Prime Minister Giorgia Meloni later today.
“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 continued.
On Wednesday, after Powell warned that the effects of Trump’s tariffs “remain highly uncertain,” stocks took a drop.
Trump appointed Powell in 2018 and former President Joe Biden reappointed him to another four-year term.
Keep in mind: There are legal barriers for Trump, and any other president, to remove or fire a Fed chair. It requires what America’s central bank refers to as “for cause.”
Ultimately, the Supreme Court could have the final say on what merits a “for cause” firing of a Fed chair. But while that fight, which would probably be lengthy, plays out, Powell would likely still get to stay in his job until his term ends.
CNN’s Auzinea Bacon contributed reporting to this post.
