President Donald Trump on Monday targeting Federal Reserve Chairman Jerome Powell, sharply criticising central bank chiefs’ handling of interest rates, suggesting that political bias could be playing.
In a post about the True Society, Trump said that “preemptive” interest rate cuts are now “a demanded by many,” and that Powell was negligent in habitually acting slowly. “He was always too late,” the president wrote, adding that Powell is a “major loser,” who appears to be politically motivated.
The public’s responsibilities followed Powell’s remarks last week, when the Fed chair raised the possibility of future fee hikes, citing the risk of inflation caused by Trump’s newly implemented tariffs. Powell warned that tariffs could lead to both lower employment and higher inflation, telling the audience:
“Powell was always ‘late’, but how did that work, except for the election period he lowered to help the sleepy Joe Biden, who Kamala was later elected? ” Trump said in his post.
Trump’s advisers dismissed the warning from Powell as more evidence of what he viewed as the Fed chairman’s bias against the government’s economic agenda. On Sunday, White House economic adviser Kevin Hassett confirmed that the president is actively considering options to remove Powell from his post.
Powell previously said he doesn’t believe the president has legal authority to fire him, and he will not voluntarily resign when asked.
