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(Bloomberg) — President Donald Trump renewed his criticism of Federal Reserve Chair Jerome Powell after the board declined to cut interest rates, but stopped short of repeating his call for Powell to be ousted.
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“‘Too Late’ Jerome Powell is a FOOL, who doesn’t have a clue. Other than that, I like him very much! Oil and Energy way down, almost all costs (groceries and “eggs”) down, virtually NO INFLATION, Tariff Money Pouring Into the U.S. — THE EXACT OPPOSITE OF ‘TOO LATE!’ ENJOY!,” the president posted Thursday on his Truth Social platform.
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Powell and his colleagues held interest rates steady on Wednesday, as they said that Trump’s tariff war has created risks of higher inflation and unemployment.
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Trump’s comments once again strike at the independence of the Fed, a move that could rattle markets already reeling from his ever-shifting tariff plans.
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The president has repeatedly sent mixed signals over whether he will move to fire Powell. Last month, Trump openly mused about axing Powell and his top economic adviser said the administration was studying if he had the power to do so — only for the president to say later he didn’t intend to follow through.
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“Why would I do that? I get to replace the person in another short period of time,” Trump said an interview that aired Sunday on NBC’s Meet the Press, when asked if he would try to remove Powell before his term as chairman ends in 2026.
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Trump has bristled at the Fed’s approach, regularly demanding lower rates and accusing the central bank not heeding his calls for political reasons.
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Powell has denied partisan politics weighs on policy decisions. The Fed chair in the past has said the tariffs have created uncertainty around the US economic outlook. Trump has applied 10% baseline tariffs to nearly every country, as well as a 145% tariff on China and 25% tariffs on steel, aluminum, vehicles and vehicle parts, among other levies.
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The flurry of import taxes could increase prices for consumers and threatens to snarl supply chain, which could reignite inflation while also weakening the economy.
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Trump nominated Powell to lead the Fed during his first term and former President Joe Biden reappointed him.
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