Chicago – April 17, 2025
President Donald Trump continued his criticism of Federal Reserve Chairman Jerome Powell on Thursday, accusing him of being “always TOO LATE AND WRONG” for not cutting interest rates. Trump expressed his frustration on social media, saying Powell’s “termination cannot come fast enough.”
Trump’s remarks came as the European Central Bank planned to reduce interest rates for the seventh time, while the U.S. Federal Reserve has kept rates steady. Trump was particularly upset because his trade war with other countries, especially through tariffs, has made it harder for the Fed to lower rates. Powell, however, has said the Fed needs more clarity before making any decisions on interest rate cuts, especially since tariffs could lead to higher prices and slower economic growth.
In his post, Trump dismissed Powell’s concerns, calling his latest report a “complete mess” and claiming that “Oil prices are down, groceries (even eggs!) are down, and the USA is getting RICH ON TARIFFS.” However, despite oil prices falling, grocery prices actually rose according to the most recent inflation data from the Labor Department.
This ongoing disagreement between Trump and Powell is part of a longer battle, as Trump frequently criticizes the Federal Reserve for not lowering interest rates enough. The Federal Reserve is an independent body, which means it can make decisions about the economy without political pressure.
Powell, who was nominated by Trump for the position, has emphasized that the president cannot fire him without a valid reason, as supported by the U.S. Supreme Court. The White House, however, has suggested it might challenge this rule and remove other members of independent agencies.
