What exactly has Trump said about the central bank chief?published at 11:59 British Summer Time 22 April
Image source, Getty ImagesThe US markets plunging yesterday following US President Donald Trump’s criticism of the chair of the Federal Reserve, Jerome Powell.
Like the Bank of England in the UK, the Federal Reserve decides interest rates independently from the government.
But in a social media post, Trump called on Jerome Powell to cut interest rates “pre-emptively” to help boost the economy.
“There can be a SLOWING of the economy unless Mr. Too Late, a major loser, lowers interest rates, NOW,” he wrote.
The president’s intensifying clash with Powell, whom he named to lead the Fed during his first term, has added to recent market turmoil over tariffs. Powell has previously warned that Trump’s import taxes were likely to drive up prices and slow the economy.
Last week, the president publicly called for Powell to be fired, writing on social media on Thursday: “Powell’s termination cannot come fast enough.”
Such a move would be controversial – and legally questionable – given the bank’s traditional independence from the government.
