Donald Trump has criticized Federal Reserve Chair Jerome Powell over interest rates, declaring on social media that Powell’s “termination cannot come fast enough!”
The president’s remarks came ahead of the European Central Bank’s (ECB) third interest rate cut this year. On Thursday, the ECB reduced its key rate, citing “rising trade tensions” as a factor.
Trump, who appointed Powell as Fed chair in 2017 during his first term, wrote that Powell “is always TOO LATE AND WRONG” regarding rate reductions. He added: “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.”
Contrary to Trump’s claims, egg prices have actually increased to $6.23 per dozen according to official data, though oil prices have decreased since Trump introduced his tariff policy earlier this month. Reports have found no evidence supporting Trump’s assertions about tariff revenue.
As Trump criticized Powell, ECB President Christine Lagarde defended her American counterpart while announcing Europe’s rate cut from 2.5% to 2.25%. “I have a lot of respect for my friend and esteemed colleague Jay Powell,” Lagarde said. “We have a solid, steady relationship amongst central bankers.”
The president’s comments follow Powell’s Wednesday statement that U.S. economic growth will suffer and consumer prices will rise due to Trump’s tariffs. Powell noted the import taxes were “significantly larger than anticipated” and would likely cause “higher inflation and slower growth.”
Global stock markets have experienced turbulence as investors react to the tariffs and escalating U.S.-China trade tensions. While Trump has maintained tariffs will strengthen U.S. manufacturing and employment, economists warn they risk fueling inflation, an issue Trump campaigned against.
This isn’t Trump’s first criticism of Powell, whom he selected to replace Janet Yellen after accusing her of keeping interest rates too low. Since returning to office, Trump has implemented a 10% tax on most imported goods and a 145% tax on Chinese products (with some smartphone exemptions). China has retaliated with 125% tariffs on U.S. goods. The White House noted that when combined with existing tariffs, some Chinese goods could face levies reaching 245%.
Despite market uncertainty, Powell maintained the “U.S. economy is still in a solid position” and said the Fed would keep its benchmark interest rate between 4.25% and 4.5% while waiting “for greater clarity before considering any adjustments.”
Powell acknowledged that if forced to choose between addressing rising inflation or unemployment, the Fed would consider “how far the economy is from each goal” and examine “the potentially different time horizons” for addressing both issues. He concluded with a movie reference: “As that great Chicagoan Ferris Bueller once noted, ‘life moves pretty fast.'”
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