Former President Donald Trump on Monday renewed his attacks on Federal Reserve Chair Jerome Powell, warning of an economic slowdown if the central bank doesn’t lower interest rates soon. Trump took to Truth Social, repeating his call for “preemptive cuts” and blaming Powell for what he described as unnecessary monetary tightening amid falling inflation.
- “With Energy Costs way down, food prices (including Biden’s egg disaster!) substantially lower, and most other ‘things’ trending down, there is virtually No Inflation,” Trump posted. “But there can be a SLOWING of the economy unless Mr. Too Late, a major loser, lowers interest rates, NOW.”
Zoom Out: Trump’s criticism comes days after he reportedly considered removing Powell during his presidency, only to be talked out of it by top aides who warned of legal and market fallout. Trump has long been skeptical of Powell’s leadership, frequently accusing him of acting too slowly to support growth and too quickly when it politically benefited Democrats.
- “Powell has always been ‘Too Late,’ except when it came to the Election period when he lowered in order to help Sleepy Joe Biden, later Kamala, get elected. How did that work out?”
Powell Persists: Fed Chair Powell has not responded to Trump’s latest remarks. After Trump’s victory in November, Powell was asked if he would resign if requested by the incoming president. His response: “No.”