US President Donald Trump has again called on the Federal Reserve to cut interest rates, adding that “termination cannot come fast enough” for the central bank’s chair Jerome Powell.
The Fed has held rates at 4.25% to 4.5% since the beginning of the year.
In a post on his Truth Social platform, Trump said Powell was “always too late and wrong.”
“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 wrote in the post.
“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 has previously criticized Powell’s approach to US monetary policy, but this marks the first time he has explicitly called for Powell’s firing.
Powell’s term as Fed chair will end in May 2026. He has previously stated that the president does not have the legal authority to fire him before his term ends, a position supported by the Federal Reserve Act and legal precedent.