Because he doesn't want to lower interest rates: Trump insults the US Federal Reserve Chairman again
US President Donald Trump calls the head of the US Federal Reserve, Jerome Powell, “Mr. Too-Late” and “Major Loser” and calls for an immediate interest rate cut.
US President Donald Trump once again blames the head of the US Federal Reserve, Jerome Powell, for the economic situation in the US, as the Wall Street Journal reports.
Trump warned that economic growth could stall if the key interest rate isn't cut immediately. In a post on his short message service Truth Social, the US president wrote: "There is virtually no inflation. But there may be a slowdown in the economy. Unless Mr. Too-Late, the Major Loser, cuts interest rates, NOW." Trump also accused the central bank of cutting interest rates last fall to influence the 2024 election.
According to the Wall Street Journal, Trump indicated that he would blame Powell and the central bank for any economic weakness in the country that might result from his trade war if interest rates are not lowered soon.
Jerome Powell has been chairman of the U.S. Federal Reserve since 2018 and was appointed by Trump himself. Despite the attacks, Powell emphasizes, according to Reuters , that the Fed makes its decisions based solely on its best analysis of economic data and excludes political considerations.
Trump's attacks could jeopardize the Fed's independence and undermine public and investor confidence in the institution, according to Reuters.
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