President Donald Trump took aim at Federal Reserve Chairman Jerome Powell on Monday, sharply criticizing the central bank chief’s handling of interest rates and suggesting political bias may be at play.
In a post on Truth Social, Trump said “pre-emptive” interest-rate cuts are now being “called for by many,” and faulted Powell for habitually acting too slowly. “He’s always been too late,” the president wrote, adding that Powell is a “major loser” whose decisions appear politically motivated.
The public rebuke follows Powell’s remarks last week, in which the Fed chair raised the possibility of future rate hikes, citing inflation risks stemming from Trump’s newly implemented tariffs. Powell warned that tariffs could lead to both lower employment and higher inflation, telling an audience, “We may find ourselves in the challenging scenario in which our dual-mandate goals are in tension.”
“Powell has always been ‘To 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?” Trump said in his post.
Trump’s advisors dismissed the warning from Powell as more evidence of what they see as the Fed chair’s bias against the administration’s economic agenda. On Sunday, White House economic adviser Kevin Hassett confirmed that the president is actively considering options for removing Powell from his post.
Powell has previously said he does not believe the president has the legal authority to fire him, and that he would not step down voluntarily if asked.