President Trump took to social media on Thursday to criticize the Federal Reserve and its chair, Jerome Powell, for not cutting interest rates soon enough.
Trump said the European Central Bank is expected to cut interest rates for the seventh time, “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 went on to write: “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!”
During a speech in Chicago on Wednesday, Powell said that the central bank will “wait for greater clarity” before considering any interest rate adjustments. He warned of the “challenging” impacts of the tariff uncertainty, which has gripped the economy and markets in recent weeks.