U.S. President Donald Trump expressed frustration with Federal Reserve Chair Jerome Powell, stating on Thursday that Powell's termination "cannot come fast enough."
Trump took to his social media platform, Truth Social, to reiterate his demand for the U.S. central bank to reduce interest rates, emphasizing that Powell had missed opportunities to cut rates sooner.
Trump's post criticized Powell for not lowering interest rates in line with the European Central Bank, suggesting that the Fed should have taken more aggressive action earlier but urging immediate cuts now. The Fed's benchmark interest rate currently stands at 4.25%-4.50%, unchanged since December after several reductions late last year.
Trump's comments came a day after Powell addressed an event at the Economic Club of Chicago, where he reaffirmed the Federal Reserve's independence and explained its cautious approach to market volatility. Powell stated that the recent market fluctuations were a natural response to the Trump administration's shifting trade policies, rather than a crisis requiring immediate intervention.
Trump, however, dismissed Powell's remarks, calling them "another, and typical, complete mess!" and continued to criticize the Fed for being "too late and wrong" in its decisions. Despite these ongoing tensions, Powell's position at the Fed remains secure for now, though Trump’s comments underline his ongoing displeasure with the central bank’s policies.
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