US President Donald Trump
By Chris Williams
US President Donald Trump has unleashed a fierce attack on Federal Reserve Chair Jerome Powell, accusing him of being “always too late and wrong” in managing America’s interest rates. In a fiery social media post, Trump demanded Powell’s immediate termination and called for swift rate cuts, pointing to falling oil and grocery prices and the benefits of tariffs as reasons for urgent action. The outburst has reignited tensions between the White House and the Federal Reserve, raising questions about the central bank’s independence and the direction of US economic policy.
The Social Media Blast
Trump’s criticism erupted in a post on his social media account, @realDonaldTrump, which featured his image against an American flag backdrop and a verification checkmark. Posted just minutes before it caught widespread attention, the message read:
“The ECB is expected to cut interest rates for the 7th time, and yet, ‘Too Late’ Jerome Powell of the Fed, who is always TOO LATE AND WRONG, yesterday issued a report which was another, and typical, complete ‘mess!’ Oil prices are down, groceries (even eggs!) are down, and the USA is getting RICH ON TARIFFS. Too Late should have lowered Interest Rates, like the ECB, long ago, but he should certainly lower them now. Powell’s termination cannot come fast enough!”
The post zeroes in on Powell’s leadership of the Fed, the US central bank responsible for setting interest rates and steering the economy. Trump’s frustration is clear: he believes Powell has been slow to act and has made poor decisions, especially when compared to the European Central Bank (ECB), which has slashed rates seven times to boost Europe’s economy. Trump also highlighted falling prices for oil and groceries—like eggs—and claimed tariffs are making the US wealthy, arguing these factors justify lower interest rates.
Understanding the Fed and Interest Rates
To grasp Trump’s complaints, it helps to know what the Federal Reserve does. The Fed controls the US money supply and uses interest rates to keep the economy on track. Lowering rates makes borrowing cheaper, encouraging spending and investment to spur growth. Raising rates does the opposite, cooling things down to curb inflation—when prices rise too fast.
The ECB, which manages the eurozone’s economy, has been cutting rates to tackle sluggish growth and high unemployment in countries like Spain and Italy. Trump sees this as a model Powell should follow, arguing the US needs similar action to stay competitive and support its economy.
Breaking Down Trump’s Criticisms
Trump’s post lays out several specific gripes with Powell:
- ECB Comparison: He pointed to the ECB’s seventh rate cut, suggesting Powell is dragging his feet while Europe moves ahead. Trump believes the US should mirror this approach to keep its economy humming.
- Falling Prices: Trump noted that oil and grocery prices, including everyday items like eggs, are dropping. This could signal deflation—a situation where prices fall across the board, potentially slowing spending and growth. He argues lower rates could prevent this.
- Tariff Success: Trump claimed the US is “getting RICH ON TARIFFS,” taxes on imported goods he’s championed to protect American businesses. He sees tariff revenue as a sign of economic strength that supports his push for rate cuts.
- Powell’s ‘Mess’: Trump slammed a recent Fed report—likely an economic update or policy statement—as a “complete ‘mess.’” He didn’t specify which report, but his disdain suggests it clashed with his vision for lower rates.
His tone was sharp, with phrases like “TOO LATE AND WRONG” and “termination cannot come fast enough” in bold capitals, underscoring his impatience and anger.
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