President Donald Trump took to Truth Social early Tuesday to launch into Federal Reserve chair Jerome Powell — and urge his allies in Congress to tear into the man.
“‘Too Late’ Jerome Powell, of the Fed, will be in Congress today in order to explain, among other things, why he is refusing to lower the Rate,” Trump wrote.
“Europe has had 10 cuts, we have had ZERO. No inflation, great economy - We should be at least two to three points lower. Would save the USA 800 Billion Dollars Per Year, plus. What a difference this would make.”
Trump went on to say, “If things later change to the negative, increase the Rate. I hope Congress really works this very dumb, hardheaded person over. We will be paying for his incompetence for many years to come. THE BOARD SHOULD ACTIVATE. MAKE AMERICA GREAT AGAIN!”
Trump has been calling for rates to be lower since he was inaugurated on January 20th. Powell has refused because of Trump’s other economic moves, including placing tariffs on nearly every country.
He is due to appear before Congress Tuesday to present the Fed's monetary policy report and provide updates on the central bank's views on the economy.
Trump has threatened to remove Powell from his position, which is illegal. Trump has Previously called Powell a "fool who doesn't have a clue" and "Mr. Too Late."
Powell was appointed to the Fed by President Trump in 2018 during his first term. President Joe Biden later reappointed him.