Trump Attacks Fed Chair Jerome Powell: ‘Termination Cannot Come Fast Enough’

President Donald Trump on Thursday called for Federal Reserve Chair Jerome Powell to cut interest rates, saying that his termination couldn’t come “fast enough.”

Trump’s call on Truth Social comes a day after Powell delivered remarks critical of the president at the Economic Club of Chicago. Trump contrasted Powell’s handling of interest rates with the European Central Bank (ECB), which announced interest rate cuts on Thursday. 

“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,” Trump posted on his social media network. “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 repeatedly called for Powell to cut interest rates, saying that the Fed chair was “playing politics” with the economy earlier this month. 

On Wednesday, Powell said that he believed Trump’s tariffs would cause inflation. Trump has imposed a baseline 10% tariff on most American trading partners, a 145% tariff on Chinese goods, and select tariffs on other products, such as automobiles. 

“Tariffs are highly likely to generate at least a temporary rise in inflation,” Powell said. “The inflationary effects could also be more persistent. Avoiding that outcome will depend on the size of the effects, on how long it takes for them to pass through fully to prices, and, ultimately, on keeping longer-term inflation expectations well anchored.” 

Powell added that he was waiting “for greater clarity before considering any adjustments to our policy stance.”

“We’re always going to be aiming for maximum employment and price stability,” he said. “I do think we’ll be moving away from those goals for the balance of this year, or at least not making any progress, and then we’ll resume that progress as we can.”

Trump has said that the tariffs are generating billions in revenue for the federal government and are necessary to get more favorable trade deals for the United States. On Thursday, he said that “every nation” wants to meet over the tariffs, including China. The president and his staff met with Japan on Wednesday and are expected to meet with Italy on Thursday to discuss the tariffs. 

Powell’s post as chair of the Fed runs through May 2026. He previously said that it would be unlawful for Trump to remove him.