President Donald Trump has once again voiced his frustration with Federal Reserve Chair Jerome Powell, urging that Powell’s departure from the role should be hastened. Posting on Truth Social Thursday, Trump criticized the Fed’s failure to reduce interest rates this year and insisted that immediate action is needed.
Labeling Powell as “Too Late,” Trump wrote, “Powell’s termination cannot come fast enough!” It remains unclear whether Trump was referencing the official end of Powell’s term or pushing for his immediate dismissal. The White House has not yet responded to the remarks.
Powell is set to remain as Fed Chair until May 2026, and his tenure as a board member extends to February 2028. Trump’s recent outburst mirrors the critiques he made during his presidency and may revive debates around the independence of the Federal Reserve from executive influence. His stance also ties into concerns over his trade policies, particularly tariffs, which many worry could slow economic growth and increase prices—complicating the Fed’s job.
Trump’s comments coincided with expectations that the European Central Bank would lower interest rates for the seventh time. He referenced this in his post, calling Powell’s latest report a “complete mess,” and claimed that the U.S. is benefiting financially from tariffs while pointing out recent declines in oil and grocery prices.
In contrast, during a speech to the Economic Club of Chicago on Wednesday, Powell underscored the Fed’s commitment to preventing tariffs from triggering long-term inflation. “Our duty is to keep inflation expectations firmly anchored and ensure that a one-time rise in prices doesn’t become a lasting problem,” he said.
Following Powell’s remarks, U.S. markets dipped further, although futures showed gains by Thursday morning. Trump’s full statement included harsh criticism: “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. 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!”
