OAN Staff James Meyers
8:18 AM – Thursday, April 17, 2025
President Donald Trump was critical of Federal Reserve Chair Jerome Powell on Thursday, further intensifying his feud by posting a statement on social media saying, “Powell’s termination cannot come fast enough!”
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The 47th president once again showed his frustration with the Fed’s timid approach to interest rate cuts.
Trump’s frustration was sparked by remarks Powell made on Wednesday, when the Fed chair highlighted concerns about the economic impact of the administration’s tariffs.
Additionally, Powell warned that the tariffs were making a “challenging scenario” for the Fed, claiming that it could potentially complicate the central bank’s mandate to maintain stable inflation and employment.
However, Powell stressed patience when it comes to the central bank’s monetary policy, noting the Fed needed clearer signals regarding Trump’s trade strategy before deciding on future rate adjustments.
His comments indicated a relatively high threshold for additional rate reductions, which undersells his cautious stance on interest rate cuts.
Meanwhile, Trump has continuously called for lower interest rates to help the economy grow, referencing expectations that the European Central Bank (ECB) was preparing to lower rates yet again.
In his message, Trump sharply rebuked Powell, stating, “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!’”
Furthermore, the president doubled down on criticism of Powell’s timing and decision making, citing economic indicators that he believes justifies the rate cuts: “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.”
This comes after the Trump administration issued executive orders looking to expand presidential influence over central bank responsibilities, specifically in regulatory roles.
Trump has also demonstrated a willingness to disrupt the independence of other agencies, firing officials at bodies such as the Federal Trade Commission (FTC) and the National Labor Relations Board (NLRB).
Earlier this month, Supreme Court Chief Justice John Roberts granted a temporary administrative stay allowing the Trump administration to remove leaders of two independent agencies pending full Supreme Court consideration.
During Trump’s first term, the tension between him and Powell happened often, with the president labeling Powell an “enemy” and referring disparagingly to central bankers as “boneheads.”
After Trump’s election win in November, Powell emphasized that he would not be resigning if asked by the president to do so.
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