President Donald Trump renewed his attacks on Federal Reserve Chairman Jerome Powell on Monday morning. In a post on Truth Social, Trump said many are calling for “preemptive” interest rate cuts and argued that Powell has always been “too late” when it comes to monetary policy. Trump called the Fed chairman a “big loser” and accused him of having political motivations.
Trump's latest post comes after Powell's statements last week, in which he said the White House's tariff policy could lead to job losses and higher inflation. “We could find ourselves in a complex scenario where our dual mandate goals come into conflict,” he said, indicating the possibility of further rate hikes.
Over the weekend, presidential economic adviser Kevin Hassett confirmed to the press that Trump was considering ways to fire Powell. The Fed chairman has stated that he does not believe Trump can legally fire him and that he will not resign voluntarily if asked to do so. The Fed declined to comment.
Nicole Goodkind, TradingView