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President Donald Trump has escalated his criticism of Federal Reserve Chair Jerome Powell, calling for his “termination” in a post on Truth Social. The move comes as Trump pressures the Fed to lower interest rates, citing falling oil and grocery prices and comparing U.S. monetary policy unfavorably to that of Europe. Trump appointed Powell in 2017, but has repeatedly clashed with him over the Fed’s decisions.
What to Know:
- Trump called Powell “always TOO LATE AND WRONG” on rate cuts
- Compared Powell’s policy to the ECB, which may lower rates again
- Fed is legally independent; presidents cannot directly fire the chair
- Powell’s term runs through 2026, reappointed by President Biden
- Powell said Fed independence is protected by law and broadly supported
- Fed officials are split on how to respond to Trump-era tariffs
- Some see tariffs as inflationary; others warn of economic slowdown
Stay with Newsweek for the latest.